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- GBP/JPY Technical Strategy: Flat
- Support: 179.94, 178.74, 177.26
- Resistance: 181.14, 182.62, 185.01
The British Pound paused to digest gains after moving swiftly higher following the release of April’s BOE meeting minutes, as expected. A daily close above the 61.8% Fibonacci retracementat 181.14 exposes the 76.4% level at 182.62. Alternatively, a reversal below the 50% Fib at 179.94 opens the door for a test of the 23.6% retracement at 177.26.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com