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Pound Continues to Find Support On Risk Appetite

Pound Continues to Find Support On Risk Appetite

2010-07-14 13:37:00
John Rivera, Currency Analyst
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The GBPJPY broke above 135.00 which led me into a long position as the pair breaks from its triangle formation. The sharp retracement and my overall bearish bias have me second guessing the trade but I will stick with it as long as the pair remains above the 20-Day SMA at 133.80. I can’t rule out a reversal as 136.00 has been a solid line of resistance. I will look to go short below 131.00.

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