- The pound has accelerated its reversal from the week’s highs at 172.00.
- A break of 165.00 would cancel the uptrend from the late September lows.
Sterling depreciated across the board on Thursday, hit by the dovish tone of the BoE Bailey release following the November monetary policy decision. In this context, the downward pressure on the GBPJPY has gathered pace, accelerating the reversal from Monday’s highs of 172.25 to test support at the 165.00 area.
A successful break of the 165.00 level, (10 21st and 24th Oct lows) would negate the uptrend from the late September lows and increase bearish pressure towards the 50 and 100 day SMAs, now in the 164.00 zone/ 15 and below there probably 162.60 (Oct 11 high).
To the upside, the pair should break intraday resistance at 166.00 and 167.15 to relieve short-term bearish pressure and head towards session high at 168.20.
GBPJPY daily chart
Technical levels to watch
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
