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28 Aug 2013
GBP/JPY posts 2-week lows on Yen stops hunt
FXstreet.com (Barcelona) - The GBP/JPY foreign exchange cross rate is last trading at 150.88 bids, off recent session lows at 150.49 printed on the back of some stops hunting at the Tokyo open with Nikkei falling more than -2% and USD/JPY breaking below the 97 handle.
GBP/JPY potential for downside
“The British pound has been declining since Bank of England MPC member Martin Weale said last Wednesday that asset purchases 'remain a tool available' and that more QE could be needed,” said Eric Viloria, Senior Currency Strategist at FOREX.com, adding: “The technical outlook for GBPJPY also suggests the potential for downside given recent developments. The pair was rejected from the base of a previous bullish channel and 76.4% Fibonacci retracement.”
GBP/JPY key technical levels
Immediate support to the downside for GBP/JPY lies at August 07 highs 150.71, followed by recent session/2-week lows at 150.49/7, and August 02 lows at 150.20. To the upside, closest resistance shows at August 14 lows 151.18, followed by August 15 lows at 151.47, and August 06 highs at 151.51.
GBP/JPY potential for downside
“The British pound has been declining since Bank of England MPC member Martin Weale said last Wednesday that asset purchases 'remain a tool available' and that more QE could be needed,” said Eric Viloria, Senior Currency Strategist at FOREX.com, adding: “The technical outlook for GBPJPY also suggests the potential for downside given recent developments. The pair was rejected from the base of a previous bullish channel and 76.4% Fibonacci retracement.”
GBP/JPY key technical levels
Immediate support to the downside for GBP/JPY lies at August 07 highs 150.71, followed by recent session/2-week lows at 150.49/7, and August 02 lows at 150.20. To the upside, closest resistance shows at August 14 lows 151.18, followed by August 15 lows at 151.47, and August 06 highs at 151.51.