GBPJPY, H1 & Daily
GBPJPY, or the Guppy as it is affectionately known, like all the Sterling crosses, has had a “Hard Brexit looks less likely” induced week:-
- Monday – the 139.00 level was breached.
- Tuesday – following Mrs May’s historic defeat, the daily candle breached above the 20-day Moving Average for the first time since November 15. This broke a 42 day, 534 pip downtrend, which was nice if you are a trend trader.
- Wednesday – the psychological 140.00 was scaled and the pair closed at a 13-day high.
- Yesterday (Thursday) the close was right on the 50-day Moving Average and a smidgen below 142.00, having breached and broken the H4 200-period Moving Average at 141.00
A key zone beckons at 143.50-145.00 if the uptrend can be maintained, and Support sits at 140.00 with the 20-day Moving Average and S1.
- Today (Friday) there are UK Retail Sales figures at 09:30 GMT, which could easily stall the weekly rise, with 142.00 being key along with the daily pivot at the 141.00 zone.
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Stuart Cowell
Head Market Analyst
HotForex
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