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GBP/JPY Price Analysis: Fights around 188.00 after UK inflation data

  • 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
daily SMA20 183.75
daily SMA50 182.99
SMA100 daily 183.02
SMA200 Journal 175.52
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

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