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4 Aug 2014
GBP/JPY has stuck at 172.70 resistance
FXStreet (Moscow) - GBP/JPY took off from Asian lows of 172.42, but the upside movement has stalled at 172.70 resistance as traders are reluctant to push the cross higher ahead of important UK marcostatistics
GBP/JPY bulls might have another chance
GBP/JPY lost 20 pips during the previous week, though bulls attempted to push the cross above 174.00 on Wednesday due to JPY selling across the board. The cross is a function of negative GBP sentiments nowadays, that press it down even despite JPY weakening agains other majors. Following Friday’s disappointing Manufacturing PMI data, investors might pay close attention to Construction PMI published later today. A majority of economists expect that this activity has moved slightly lower after an unexpected jump in June, but a positive surprise here might trigger GPY correction from oversold territory. If this is the case, GBP/JPY might move towards 173.00 resistance, while the intraday downside is likely to be limited by 172.38 (previous week low).
What price levels and patterns have to be considered?
Spot is presently trading at 172.71, and next resistance can be seen at 172.79 (Daily High), 172.90 (Hourly 20 EMA), 172.95 (Daily Classic PP), 173.07 (Weekly Classic PP) and 173.12 (Hourly 200 SMA).
Next support to the downside can be found at 172.59 (Monthly Low), 172.59 (Weekly Low), 172.58 (Daily Open), 172.45 (Daily Low) and 172.38 (Yesterday's Low).
GBP/JPY bulls might have another chance
GBP/JPY lost 20 pips during the previous week, though bulls attempted to push the cross above 174.00 on Wednesday due to JPY selling across the board. The cross is a function of negative GBP sentiments nowadays, that press it down even despite JPY weakening agains other majors. Following Friday’s disappointing Manufacturing PMI data, investors might pay close attention to Construction PMI published later today. A majority of economists expect that this activity has moved slightly lower after an unexpected jump in June, but a positive surprise here might trigger GPY correction from oversold territory. If this is the case, GBP/JPY might move towards 173.00 resistance, while the intraday downside is likely to be limited by 172.38 (previous week low).
What price levels and patterns have to be considered?
Spot is presently trading at 172.71, and next resistance can be seen at 172.79 (Daily High), 172.90 (Hourly 20 EMA), 172.95 (Daily Classic PP), 173.07 (Weekly Classic PP) and 173.12 (Hourly 200 SMA).
Next support to the downside can be found at 172.59 (Monthly Low), 172.59 (Weekly Low), 172.58 (Daily Open), 172.45 (Daily Low) and 172.38 (Yesterday's Low).