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9 Jul 2013
GBP/JPY stabilizes over 150.00 barrier
FXstreet.com (New York) - The GBP/JPY technical cross has rallied higher during the afternoon of US trading, having bottomed out earlier at the 149.77 level (session low) after the release of UK data.
At the time of writing, the GBP/JPY pair has regained the 150.00 level Tuesday, though still faces heavy selling pressure. The 50-day SMA is acting as temporary support, which has helped to stabilize any prolonged drop in recent hours, though it is worth noting the pair continues to trade with instability below 150.59 (200-day SMA).
GBP/JPY breaching 151.90 a positive
According to the Technical Analyst Team at ICN.com, “The GBP/JPY is biased downside since Tuesday morning, approaching the bullish channel's support at 149.75. Our forecast still stands so far, provided that the pair steadies above the aforesaid support. We note that breaching 151.90 is a positive catalyst that supports our forecast.”
At the time of writing, the GBP/JPY pair has regained the 150.00 level Tuesday, though still faces heavy selling pressure. The 50-day SMA is acting as temporary support, which has helped to stabilize any prolonged drop in recent hours, though it is worth noting the pair continues to trade with instability below 150.59 (200-day SMA).
GBP/JPY breaching 151.90 a positive
According to the Technical Analyst Team at ICN.com, “The GBP/JPY is biased downside since Tuesday morning, approaching the bullish channel's support at 149.75. Our forecast still stands so far, provided that the pair steadies above the aforesaid support. We note that breaching 151.90 is a positive catalyst that supports our forecast.”