Major support- 143.75
GBPJPY is consolidating in narrow range after hitting low of 143.75. The pair has formed a double bottom near 143.80 and shown a minor recovery.GBP was holding higher against USD on Cross party talks hopes.The latest talks happened between ministers and labor were productive and positive.Markets eye UK manufacturing PMI and BOE monetary policy for further direction. GBP should trade above 1.2960 for further direction.It is currently trading around 144.30.
On the higher side, near term resistance is around 144.72 and any break above will take the pair to next level 145.05 (200 H MA)/145.60 .
The near term major support is around 143.75 and any violation below will drag the pair to next level till 143.
It is good to buy on dips around 143.75-80 with SL around 143.50 for the TP of 145.25.
