FxWirePro: GBPJPY attempts to break above 148 fails, markets eye Brexit vote

Major support -147

GBPJPY has failed to break convincingly above 148 once again and formed almost a double top near 148.05. the pair lost more than 60 pips for the day amid slightly better UK CPI data. UK CPI data for 12 month came at 1.9% in Feb up from 1.8% in Jan and slightly above forecast of 1.8%. But core CPI came at 1.8% compared to forecast of 1.9%. Markets eye UK Parliament Brexit vote for further direction.It hits intraday low of 147.42 and is currently trading around 147.61.

On the lower side, near term support is around 146.85-147 and any break below confirms minor weakness and a decline till 146.45 (200- H MA)/146.25 is possible.

The near term major resistance is around 148.05 and any break above will take the pair to next level till 148.40/148.87. Any further bullishness only above 148.90.

It is good to sell on rallies around 148.-148.10 with SL around 148.80 for the TP of 146.45.