GBP/JPY rebounds from 169.50, 2-week lows

FXStreet (Córdoba) - The GBP/JPY fell before Wall Street opening to 169.49 reaching the lowest price since March 27 and rebounded afterwards rising back above 170.00. Despite moving away from the lows the Pound still faces pressure as the Yen remains strong in the currency market.

Currently the GBP/JPY is trading at 170.02, down 0.20% for the day and headed toward the second weekly decline in a row.

Technical perspective for the GBP/JPY

The pair continues to move in ranges in a wider view with support at 167.80 and resistance around 173.50. But in the short term the bias is bearish, reversing after trading last week above 173.00.