FxWirePro- GBPJPY Daily Outlook

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FxWirePro- GBPJPY Daily Outlook

Thursday, October 6, 2022 9:03 AM UTC

GBPJPY pared some of its gains after Fitch UK's rating outlook. It has downgraded Long term Foreign currency (LFTC) issuer default rating (IDR) to negative from stable and affirmed AA-.Pound sterling lost more than 200 pips from its high of 1.14952. Any close above 1.1500 confirms further bullishness. Technically in the 4-hour chart, holds above short-term 21-EMA, 21 EMA, and long-term 200 EMA (161.88). Any convincing break above 164.50 will take the pair to the next level 165.70/166.35/167. GBPJPY hits an intraday high of 163.45 and is currently trading around 163.55.

The near-term support is around 163.25, a breach below targets 162.70/162/160.30.

Indicators (4-hour chart)

CCI (50) – Bullish

ADX- Neutral

It is good to buy on dips around 163 with SL around 162 for TP of 166.35.

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