Daily Insight: GBP/JPY Bullish Above 184.20
Matt Simpson | Feb 26, 2015 02:58AM ET
MARKET SNAPSHOT:
UP NEXT:
TECHNICAL ANALYSIS:
GBP/USD: Bullish above 1.548
1.548 could provide decent support if GBP numbers get revised down today. With momentum bullish and trading at multi-week highs then cable should remain in your buy-the-dip list for the time being.
GBP appears strong across other currencies to which provides extra confidence of a trend continuation, making it a case of assessing retracement levels and timing to jump on board the anticipated bullish run.
I expect 1.556 to act as interim resistance before an eventual break towards 1.560-62.
GBP/JPY: Bullish above 184.20
In some ways a similar setup to GBP/USD. We have stalled near resistance but have a decent zone of support of GBP has a bad start to the London session. As long as we remain above 184.20 then I would expect GBP/JPY to move up to 185.70.
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On the longer-term GBP is oversold against several currencies so we could be in a new bullish phase Sterling.
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