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1 Jul 2015
GBP/JPY testing the 192 psychological support
FXStreet (Guatemala) - GBP/JPY is currently trading at 191.99 with a high of 192.52 and a low of 191.93.
GBP/JPY is testing the downside support on 192.00 as cable drops through 1.5700 yet the cross is holding above London lows that came in below the figure earlier, setting president for the bears in Asia.
GBP/JPY price action
GBP/JPY has been better offered since the start of the week's bearish gap that opened at 194.85 to 191.87. The cross has since been capped at 193.20/50 on recovery attempts and forced within a bearish trend hitting 191.71 for this week's lows scored overnight before a rally to 192.63 US sessions highs. Supply is scoring just below the handle at time of writing.
GBP/JPY fundamentally offered on Greek headlines
GBP/JPY has been better offered this week due to the Greek debacle and weekend headlines and on on-going news ever since. There was volatility today on the back of new Greek proposals. However, Dijsselbloem was reported saying that there can only be a debate on further proposal after a referendum. The Yen will be subject to volatility in a risk-off environment and sterling could be affected initially by adverse conditions that may continue to develop in Europe. Meanwhile, from the calendar, UK GDP q/q came in line and y/y printed better than expectations at 2.5% vs actual 2.9%.
GBP/JPY technically bearish
GBP/JPY remains technically with a bearish bias below the aforementioned gap on the charts this week and same levels. The support that is under pressure currently guards May's ascending support line; A break of which brings 188.50 in to the picture below S3 at 189.43.
GBP/JPY is testing the downside support on 192.00 as cable drops through 1.5700 yet the cross is holding above London lows that came in below the figure earlier, setting president for the bears in Asia.
GBP/JPY price action
GBP/JPY has been better offered since the start of the week's bearish gap that opened at 194.85 to 191.87. The cross has since been capped at 193.20/50 on recovery attempts and forced within a bearish trend hitting 191.71 for this week's lows scored overnight before a rally to 192.63 US sessions highs. Supply is scoring just below the handle at time of writing.
GBP/JPY fundamentally offered on Greek headlines
GBP/JPY has been better offered this week due to the Greek debacle and weekend headlines and on on-going news ever since. There was volatility today on the back of new Greek proposals. However, Dijsselbloem was reported saying that there can only be a debate on further proposal after a referendum. The Yen will be subject to volatility in a risk-off environment and sterling could be affected initially by adverse conditions that may continue to develop in Europe. Meanwhile, from the calendar, UK GDP q/q came in line and y/y printed better than expectations at 2.5% vs actual 2.9%.
GBP/JPY technically bearish
GBP/JPY remains technically with a bearish bias below the aforementioned gap on the charts this week and same levels. The support that is under pressure currently guards May's ascending support line; A break of which brings 188.50 in to the picture below S3 at 189.43.