- Analytics
- News and Tools
- Market News
- GBP/JPY Price Analysis: Pound’s recovery is expected to find resistance at 190.75
GBP/JPY Price Analysis: Pound’s recovery is expected to find resistance at 190.75
- The Sterling has trimmed some losses amid Yen weakness and upbeat UK manufacturing data
- Failure to break above 190.75 would keep the bearish structure intact.
- An AB=CD correction might push the pair to 189.70.
The Sterling is moderately higher on Tuesday, favored by a somewhat weaker Yen, which suffers when US Treasury yields rise and the upbeat UK manufacturing figures. Bulls, however, are likely to be challenged at the 190.75 area.
GBP/JPY Price Analysis: Technical Outlook
The pair has completed a bullish cycle at 193.55 and is going through a corrective reversal with scope for further decline. Bears have been contained so far at the 61.8% Fibonacci retracement of the March rally, but a failure to return above 190.75 would keep the negative structure intact.
An AB=CD correction would push the pair through the 190.11 support area toward the 189.60 level. On the contrary. a confirmation above 190.75 and 1.91.50 would negate this view.
GBP/JPY 4-hour chart
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
