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FxWirePro- GBPJPY Daily Outlook

GBPJPY pared some of its gains on the weak Pound sterling. It hits an intraday low of 160.60 and is currently trading around 160.845.

 

 GBPUSD- Trend- Bullish

 

 The pound sterling lost its shine after the IMF G7 economy forecast. It says that the UK economy will contract by 0.60% in 2023 due to rising interest rates and higher taxes. Any daily close below 1.2340 will take the pair to 1.2260.

 

 USDJPY- Bearish

  The pair trades in a narrow range between 131.11 and 129.26 for the past two days ahead of Fed monetary policy meeting. Major supports are 129/127.20/125.

 

 GBPJPY analysis-

 The near-term support is around 160, a breach below targets of 158.50/157.50/156. The immediate resistance is around 161.80, any violation above will take the pair to 163/164.

 

Indicators (4-hour chart)

 

 CCI (50) –bullish

 

ADX- neutral

 It is good to buy on dips around 159.70-75 with SL around 159 for a TP of 163.

 

 

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