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22 Oct 2013
GBP/JPY struggles to consolidate 158.50 front
FXstreet.com (Chicago) - GBP/JPY remains capped below the 158.50 after failing to consolidate above it on visit to 158.60 session highs.
Prior to the BoE interest rate decision results tomorrow and with the strengthening of the yen on Nikkei’s weakening, market participants seem to favor the pound.
GBP/JPY Technical Levels
Technically speaking, the pair extends the bullish channel since last October 9th with an upward trendline intact so far. After bouncing off the 158.27 zone, the pair struggles to consolidate above the 158.50 front and navigates between the supports aligned at 158 (October 16th lows), 157.70 (October 16th highs) ahead of 157.17 (October 18th lows) and the resistances aligned at 158.78 (October 19th highs), 159.28 (October 1st highs) followed by 159.83 (September 30th highs).
Prior to the BoE interest rate decision results tomorrow and with the strengthening of the yen on Nikkei’s weakening, market participants seem to favor the pound.
GBP/JPY Technical Levels
Technically speaking, the pair extends the bullish channel since last October 9th with an upward trendline intact so far. After bouncing off the 158.27 zone, the pair struggles to consolidate above the 158.50 front and navigates between the supports aligned at 158 (October 16th lows), 157.70 (October 16th highs) ahead of 157.17 (October 18th lows) and the resistances aligned at 158.78 (October 19th highs), 159.28 (October 1st highs) followed by 159.83 (September 30th highs).