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GBPJPY pared some of its gains after hitting one week high on the strong Pound sterling. UK office for Budget responsibility has projected UK GDP to slump by 2% and unemployment expected to reach 505000 by the second half of 2024. The recession worries in the UK are preventing the pound sterling from further upside. Any close above 1.19500 confirms further bullishness, a jump to 1.2035 is possible. Technically in the 4-hour chart, GBPJPY holds above 21-EMA, 55- EMA, and long-term 200 EMA (166.20). Any convincing close above 168.65 will take it to the next level 169/170. GBPJPY hits an intraday low of 167.50 and is currently trading around 167.573
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The minor sell-off in USDJPY after four days of a bullish trend put pressure on GBPJPY at higher levels.
The near-term support is around 167, a breach below targets 166.20/165.
Indicators (4-hour chart)
CCI (50) – Bullish
ADX- Neutral
It is good to buy on dips around 167 with SL 166.20 for a TP of 169.
