Gains some follow-through traction and adds to the overnight modest uptick. Sustained move beyond 200-hour SMA needed to confirm any bullish bias. The GBP/JPY cross to gain some follow-through traction for the second consecutive session on Thursday and recover further from one-month lows set earlier this week. Bulls, however, struggled to capitalize positive momentum and the uptick stalled near a resistance marked by the top end of a three-week-old descending trend-channel. The mentioned hurdle coincides with 23.6% Fibonacci level of the 135.75-130.43 recent leg down, which should now act as a key pivotal point for short-term traders. This is closely followed by 200-hour SMA resistance near the 131.90 region, which if cleared will pave the way for a further near-term appreciating move. Meanwhile, technical indicators on the 1-hourly chart have been gaining bullish traction over the past 24-hours but are yet to catch up on 4-hourly/daily charts. Hence, it will be prudent to wait for a sustained break through the mentioned barrier before positioning for a move towards 38.2% Fibo. level around the 132.40-45 region. On the flip side, the 130.80 horizontal zone now seems to protect the immediate downside, which if broken might accelerate the fall towards the key 130.00 psychological mark. GBP/JPY 1-hourly 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 Forex News Today: Daily Trading News share Read Next ECB’s Rehn: Recent split in central bank decision-making has some effect on policy FX Street 3 years Gains some follow-through traction and adds to the overnight modest uptick. Sustained move beyond 200-hour SMA needed to confirm any bullish bias. The GBP/JPY cross to gain some follow-through traction for the second consecutive session on Thursday and recover further from one-month lows set earlier this week. Bulls, however, struggled to capitalize positive momentum and the uptick stalled near a resistance marked by the top end of a three-week-old descending trend-channel. The mentioned hurdle coincides with 23.6% Fibonacci level of the 135.75-130.43 recent leg down, which should now act as a key pivotal point for short-term traders. This… 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.