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16 Jul 2013
GBP/JPY recovery attempt stalls, though 150.00 holding
FXstreet.com (New York) - The GBP/JPY technical cross rate stalled at the 150.24 level earlier, having failed to recover higher Tuesday during the latter stages of US trading.
Technically speaking, the GBP/JPY is still trading in negative territory, now deeper at 150.15, unable to mount a prolonged recovery attempt throughout the session, en route to a -0.39% loss in these moments. Despite the intraday weakness that has enveloped the cross, the GBP/JPY remains fortified by support at 149.70, ahead of 149.45, and 148.80, suggests the Danske Research Team.
GBP/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “The GBP/JPY dropped below the bullish channel's support, however it found solid support at 149.80 that is attempting to restore positivity again. We prefer to stand aside after stopping our previous expectations so we could monitor the pair's behavior around pivotal levels, support 149.80 and resistance 150.75.”
Technically speaking, the GBP/JPY is still trading in negative territory, now deeper at 150.15, unable to mount a prolonged recovery attempt throughout the session, en route to a -0.39% loss in these moments. Despite the intraday weakness that has enveloped the cross, the GBP/JPY remains fortified by support at 149.70, ahead of 149.45, and 148.80, suggests the Danske Research Team.
GBP/JPY strategic bias
According to the Technical Analyst Team at ICN.com, “The GBP/JPY dropped below the bullish channel's support, however it found solid support at 149.80 that is attempting to restore positivity again. We prefer to stand aside after stopping our previous expectations so we could monitor the pair's behavior around pivotal levels, support 149.80 and resistance 150.75.”