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29 Aug 2013
GBP/JPY holding up fairly well after Wednesday’s rally – so far
FXstreet.com (Barcelona) - GBP/JPY is trickling lower Thursday after new headlines on Syria indicated the US would not – contrary to Wednesday reports – get UN approval prior to striking Syria.
GBP/JPY not showing same action as other Yen crosses
The combination of Governor Carney’s comments in front of Parliament and rumors that the US might note take quite as hard of a line versus Syria caused the GBP/JPY to rip higher after 12:00 GMT Wednesday. The cross rallied from 86.80 to 87.80 from 12:00 to 01:35 GMT. Since then, however, the cross gently drifted down to 87.59.
Technical outlook for GBP/JPY
Technicians say that GBP/JPY may run into resistance at 87.59 (its currently level) and that a move down to 87.20 is possible if not likely on the next move lower. Above 87.59, the next possible layer of resistance comes in at 87.66 – 87.68.
GBP/JPY not showing same action as other Yen crosses
The combination of Governor Carney’s comments in front of Parliament and rumors that the US might note take quite as hard of a line versus Syria caused the GBP/JPY to rip higher after 12:00 GMT Wednesday. The cross rallied from 86.80 to 87.80 from 12:00 to 01:35 GMT. Since then, however, the cross gently drifted down to 87.59.
Technical outlook for GBP/JPY
Technicians say that GBP/JPY may run into resistance at 87.59 (its currently level) and that a move down to 87.20 is possible if not likely on the next move lower. Above 87.59, the next possible layer of resistance comes in at 87.66 – 87.68.