“¢ The cross managed to defend nearly 2-1/2-month-old ascending trend-line support on the back of stronger UK retail sales and oversold conditions on the 1-hourly chart. “¢ The mentioned support coincides with 50-day EMA and should now act as a key pivotal point for the pair’s next leg of a directional move. “¢ Meanwhile, technical indicators on the 4-hourly chart maintained their bearish bias and are on the verge of breaking into the negative territory, suggesting further downside. “¢ Traders, however, now seemed to wait for the latest BoE monetary policy decision before placing any aggressive bets for any further near-term depreciating move. “¢ A convincing break below the mentioned confluence support, leading to a subsequent weakness below the key 145.00 psychological mark will confirm a near-term bearish breakdown. GBP/JPY daily chart 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 Philippines: No surprises in monetary policy – ANZ FX Street 4 years "¢ The cross managed to defend nearly 2-1/2-month-old ascending trend-line support on the back of stronger UK retail sales and oversold conditions on the 1-hourly chart. "¢ The mentioned support coincides with 50-day EMA and should now act as a key pivotal point for the pair's next leg of a directional move. "¢ Meanwhile, technical indicators on the 4-hourly chart maintained their bearish bias and are on the verge of breaking into the negative territory, suggesting further downside. "¢ Traders, however, now seemed to wait for the latest BoE monetary policy decision… 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.
