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FxWirePro- GBPJPY Daily Outlook

GBPJPY showed a minor pullback on the pound sterling recovery. It hit a high of 184.36 and is currently trading around 184.32.

 

 GBPUSD- Trend- Bearish

The pound sterling lost more than 150 pips after dismal UK flash PMI.  S&P global manufacturing PMI dropped to 42.50 in August, compared to a forecast of 45.10. The flash services PMI is down marginally to 51 vs. an estimate of 52.10.  Any break below 1.2600 confirms further bearishness.

USDJPY- Neutral

 

 The pair trades below ahead of the Jackson Hole symposium. The significant resistance is 146/147.

 

 GBPJPY analysis-

 

 The near-term resistance is around 184.85, a breach above targets 185.48/186/186.50. The immediate support is at 183.35, any violation below will drag the pair to 182/181.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bearish

 

  ADX- bearish

 

  It is good to sell on rallies around  185 with SL around 186 for a TP of 180.60.

 

 

 

 

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