The GBPJPY continues to face heavy selling pressures after gapping to the upside earlier this week.
Currency Pair: GBP/JPY
Short-Term Bias: Short
Chart: 15 Min Charts
Analysis
The GBPJPY continues to face heavy selling pressures after gapping to the upside earlier this week. After failing to break above 196.00 on Sunday evening, price action has moved back within the channel to move along the 120 SMA.
The pound-yen has found near-term resistance around 191.87 (21.4% Fib level of 185.50-215.65), and continues to hold near the top of the channel. We expect the pound to face further selling pressures which could bring the pair below 185.50 over the coming weeks. We anticipate the GBPJPY to move within the channel for now, but may hold its current range between 187.50 and 192.25. Be sure to check out Jamie’s Technical Outlook for additional information on the major currency pairs.
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