25 Aug 2015
GBP/JPY recovers but remains below 190.00, still under pressure
FXStreet (Córdoba) - GBP/JPY rose modestly today after posting yesterday the lowest daily close since July 7, on a day of extreme volatility. Today price action was less intense and the pair recovered ground but finished far from the highs and still remains under 190.00.
Today the pair peaked at 189.97 during the European session but then reversed and dropped constantly. It reached a session low at 187.60. The pair is trading around 187.70, 110 pips above yesterday’s closing price.
GBP/JPY levels to watch
The pair so far avoided a close below the 185.00 area that is a key level to watch, that capped the upside during the first quarter and also the downside last month. A break lower could trigger a bearish run and could expose the next long term support at 181.00.
On the upside, the immediate relevant resistance is the 190.00 area followed by 191.50 – 192.00; if it rises above, the 195.00 area would be ready for a test.
Today the pair peaked at 189.97 during the European session but then reversed and dropped constantly. It reached a session low at 187.60. The pair is trading around 187.70, 110 pips above yesterday’s closing price.
GBP/JPY levels to watch
The pair so far avoided a close below the 185.00 area that is a key level to watch, that capped the upside during the first quarter and also the downside last month. A break lower could trigger a bearish run and could expose the next long term support at 181.00.
On the upside, the immediate relevant resistance is the 190.00 area followed by 191.50 – 192.00; if it rises above, the 195.00 area would be ready for a test.