- GBP/JPY falls below 188.00, but remains trading in the green in a risk-on environment.
- A daily close below 188.00 could pave the way for a deeper pullback, 187.00 would be the bears’ target.
- If 188.28 is broken, GBP/JPY would challenge the eight-year high reached at 188.80.
The British pound (GBP) remains stable against Japanese yen (JPY) during Wednesday’s session, after reaching a daily high of 188.24; The pair has fallen below 188.00, courtesy of weak UK inflation data. Therefore, the GBP/JPY pair is around 187.94, virtually unchanged.
From a technical perspective, the GBP/JPY pair is biased higher, but a daily close below 188.00 could pave the way for a deeper pullback, which could extend towards 187.00. If sellers push prices below that level, the next demand zone could be the Tenkan-Sen at 185.75m followed by the Senkou Span A at 185.13. The next support would be 185.00.
On the other hand, GBP/JPY’s uptrend would continue if it holds above 188.00, with first resistance at the current year-to-date high at 188.28. Improving sentiment would bring the November 2015 swing high at 188.80 into play before buyers challenge the 190.00 figure.
GBP/JPY Price Analysis – Daily Chart
GBP/JPY Technical Levels
|Latest price today||187.96|
|Today Daily Change||0.13|
|Today’s daily variation||0.07|
|Today’s daily opening||187.83|
|Previous daily high||188.29|
|Previous daily low||186.09|
|Previous weekly high||185.97|
|Previous weekly low||184.55|
|Previous Monthly High||184.33|
|Previous monthly low||178.08|
|Daily Fibonacci 38.2||187.45|
|Fibonacci 61.8% daily||186.93|
|Daily Pivot Point S1||186.52|
|Daily Pivot Point S2||185.21|
|Daily Pivot Point S3||184.32|
|Daily Pivot Point R1||188.71|
|Daily Pivot Point R2||189.6|
|Daily Pivot Point R3||190.91|
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.