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FxWirePro- GBPJPY Daily Outlook

GBPJPY showed a minor sell-off due to weak UK economic data. It hits an intraday high of 166.18 and is currently trading around 166.38.

 

 GBPUSD- Trend- Bearish

 

 The pound sterling regained after a decline in weak UK GDP. The UK economy stalled in Feb, below expectations of 0.10%.  Any close above 1.2500 will take the pair to 1.2580. 1.2340/1.2300.

 

USDJPY- Bullish

 

 The pair pared some of its gains after weak US CPI data. Major support is 132.70/132.

 

 

 GBPJPY analysis-

 

The near-term support is around 166, a breach below the targets of 165.35/164.70. The immediate resistance is at 166.60, any violation above will take the pair to 167/168.

 

 Indicators (4-hour chart)

 

 CCI (50)- Bullish

 

 ADX- Neutral

 

It is good to buy on dips around 165.35 with SL around 164.70 for a TP of 167.

 

 

 

 

 

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