GBP/JPY Price Analysis: Bounces off two-week lows, buyers eye 188.00
Trending Articles- WTI Oil pulls back as Hormuz supply worries ease, Iran-US tensions keep volatility high
- Trump says US to help ships stranded in Strait of Hormuz as tanker hit by projectiles
- Bitcoin Price Forecast: BTC hits three-month high on derivatives-led surge
- Australian Dollar holds losses ahead of RBA policy decision
- Ignoring Strategy Reduction Warning, Bitcoin Nears $82,000, Hitting Highest Price Since February
- Crypto Overview: Toncoin, Terra Classic rise by double digits as Bitcoin grips $80,000
GBP/JPY rebounds from low, buoyed by changing market sentiments and central bank rate speculations.
Break above Tenkan-Sen (187.72) may signal uptrend, eyeing recent high at 188.91, with 188.00 as pivotal.
Downside risks if below 186.51; potential supports at 185.77, key 185.00 level, and 184.47 low.
The British Pound (GBP) pares earlier losses against the Japanese Yen (JPY) on Tuesday, even though data eased the pressure off the Bank of England (BoE) to keep interest rates higher. Therefore, the GBP/JPY cross-pair trades at 187.34 after hitting a daily low of 186.51.
From the daily chart perspective, the GBP/JPY is trading sideways just below the Tenkan-Sen level at 187.72 dot. If buyers lift the exchange rate above the Tenkan Sen, that will open the door to challenging the January 23 high at 188.91, but firstly they would need to reclaim 188.00. On the flip side, if sellers step in and drag prices below the January 30 low of 186.51, that will open the door to challenge the Senkou Span A level at 185.77, followed by the psychological 185.00 figure, ahead of the January 12 daily low of 184.47.
GBP/JPY Price Action – Daily Chart, Source: FXSTREET.
Read more
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
