GBP/JPY defies the previous day’s U-turn from 139.50 while bouncing off 138.85. Sustained trading beyond 61.8% Fibonacci retracement keeps bulls hopeful. Sellers will wait for a clear break below 200-day SMA, an eight-month-old falling trend line. GBP/JPY picks up the bids near 139.10, up 0.10% on a day, during Wednesday’s Asian session. The pair surged to the fresh high since June on Tuesday before retracing a bit. However, the quote’s successful trading above 61.8% Fibonacci retracement level of December 2019 to March 2020 fall justifies the previous break of a falling trend line from December 12, 2019. While the said technical catalysts are likely to support the pair’s upside momentum, also signaled by bullish MACD, bulls seem cautious ahead of the preliminary UK GDP for the second quarter (Q2). Read: UK GDP Preview: Three reasons why 20% contraction estimates are too low, GBP/USD may rise Even so, the pair remain on the bull’s radar unless it slips below 138.80 comprising the key Fibonacci retracement level, a break of which could drag it to 137.65/60 support confluence including 200-day SMA and the said resistance-turned-support line. On the contrary, the pair’s further upside eyes June month’s high of 139.75 as immediate resistance ahead of the 140.00 threshold and a five-month-old ascending trend line near 140.30. GBP/JPY daily chart Trend: Bullish 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 AUD/USD turns a blind eye toward weak Aussie wage price inflation FX Street 2 years GBP/JPY defies the previous day’s U-turn from 139.50 while bouncing off 138.85. Sustained trading beyond 61.8% Fibonacci retracement keeps bulls hopeful. Sellers will wait for a clear break below 200-day SMA, an eight-month-old falling trend line. GBP/JPY picks up the bids near 139.10, up 0.10% on a day, during Wednesday’s Asian session. The pair surged to the fresh high since June on Tuesday before retracing a bit. However, the quote’s successful trading above 61.8% Fibonacci retracement level of December 2019 to March 2020 fall justifies the previous break of a falling trend line from December 12, 2019. While the said… Top 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.
