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FxWirePro- GBPJPY Daily Outlook

GBPJPY trades weak on the weak Pound sterling. It hits a low of 158.79 yesterday and is currently trading around 159.69.

GBPUSD- Trend- Bearish

The cable hits a fresh weekly low on a minor pullback in the US dollar. It gained strength on the upbeat US GDP. It grew at an annual pace of 3.2% in the third quarter, above the estimate of 2.9%. Markets eye the US core PCE price index for further direction. Any close below 1.2000 confirms further bearishness.

USDJPY- Bearish

 

The pair surged more than 200 pips after a massive sell-off. Any close above 133 confirms a bullish continuation.  Minor support is 131.50/130.

 

GBPJPY analysis-

 

The near-term support is around 158.50, a breach below targets 156/155. The immediate resistance is at 160.25, a jump above will take the pair to 161.10/161.85/163.

 

Indicators (4-hour chart)

 

CCI (50) – Bearish

 

ADX- Bearish

 

It is good to sell on rallies around 160 with SL 161.10 for a TP of 158.

 

 

 

 

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