GBP/JPY retreats from 133.30 to test the Fibonacci retracement level at 130.05. The overall risk aversion, combined with Brexit fears have punished the pound. The pound has dropped about 0.65% on Friday, after rejection at the 50-day SMA and downward trending resistance from late-May highs, at 133.30. The pair has turned lower on Friday, to reach levels right above 130.05 where the 38.2% Fibonacci retracement level of the February-March sell-off and May 28, 29, and June 22 lows might offer support. The overall risk-averse sentiment amid the global increase of COVID-19 cases combined with Brexit fears after the EU negotiator Michel Barnier highlighted the dim outlook for a trade deal has crushed the pound, which has lost ground against its main peers. On the downside, below 131.80, negative pressure on the pair might increase sending it towards May 22 low at 130.70 and May 18 lows at 129.35. On the upside, immediate resistance remains at the trendline resistance, now around 133.30. Above here, the pair might gain bullish traction, aiming towards 134.55 (50% Fibonacci retracement of the February-March decline) and finally, 136,35 (June 16 high). GBP/JPY daily chart GBP/JPY key levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD breaks to a new wave low at the end of the week on the 4-hour chart FX Street 2 years GBP/JPY retreats from 133.30 to test the Fibonacci retracement level at 130.05. The overall risk aversion, combined with Brexit fears have punished the pound. The pound has dropped about 0.65% on Friday, after rejection at the 50-day SMA and downward trending resistance from late-May highs, at 133.30. The pair has turned lower on Friday, to reach levels right above 130.05 where the 38.2% Fibonacci retracement level of the February-March sell-off and May 28, 29, and June 22 lows might offer support. The overall risk-averse sentiment amid the global increase of COVID-19 cases combined with Brexit fears after the EU… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
