12 Jun 2015
GBP/JPY rejected at 192.00
FXStreet (Mumbai) - The GBP/JPY pair ran into offers around 192.00 levels for the third time this month, leading to a sell-off to the session low of 191.23 levels.
GBP/JPY: Key Fib resistance at 192.00
The GBP bulls are struggling to take out 192.00, which is 61.8% Fib Retracement of the plunge from Jan 2008 high of 215.83 to September 2011 low of 116.81 levels. A rejection at 192.00 today led to a sell-off to its 5-DMA at 191.23, where by fresh bids ensured a marginal recovery to 191.47 levels.
It remains to be seen if the pair manages to end the week with gains or losses as it trades closer to the previous week’s close of 191.83. The Pound has been able to score gains for 7 weeks out of last 8 weeks on closing basis.
GBP/JPY Technical Levels
The pair currently trades at 191.55. The immediate resistance is seen at 192.00, above which gains could be extended to 192.60 (July 2005 low). On the flip side, a break below 191.23 could drive the pair lower to 190.86 (hourly 200-MA).
GBP/JPY: Key Fib resistance at 192.00
The GBP bulls are struggling to take out 192.00, which is 61.8% Fib Retracement of the plunge from Jan 2008 high of 215.83 to September 2011 low of 116.81 levels. A rejection at 192.00 today led to a sell-off to its 5-DMA at 191.23, where by fresh bids ensured a marginal recovery to 191.47 levels.
It remains to be seen if the pair manages to end the week with gains or losses as it trades closer to the previous week’s close of 191.83. The Pound has been able to score gains for 7 weeks out of last 8 weeks on closing basis.
GBP/JPY Technical Levels
The pair currently trades at 191.55. The immediate resistance is seen at 192.00, above which gains could be extended to 192.60 (July 2005 low). On the flip side, a break below 191.23 could drive the pair lower to 190.86 (hourly 200-MA).