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GBPJPY pared some of its gains after weak UK GPD data. The UK economy contracted 0.20% in Q3, above the estimate of -0.50%. It has expanded 2.4% on an annualized basis in Q3 vs the 2.1% expected. The Pound sterling surged above 1.1700 levels on board-based US dollar weakness. Any violation above 1.1750 confirms further bullishness; a jump to 1.2000 is possible. Technically in the 4-hour chart, GBPJPY holds below 21-EMA, 55- EMA, and long-term 200 EMA (166.36). Any convincing close below 164.35 will drag the pair to the next level 163/162/159.70. GBPJPY hits an intraday low of 166.09 and is currently trading around 165.68.
The near-term resistance is around 166.30, a breach above targets 167.32/ 168/169.10/170/172.
Indicators (4-hour chart)
CCI (50) – Bearish
ADX- Neutral
It is good to sell on rallies around 167 with SL around 168 for a TP of 163.95.
