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GBP/JPY Technical Analysis: Pound Jumps to 4-Month High

GBP/JPY Technical Analysis: Pound Jumps to 4-Month High

2015-05-08 03:08:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • GBP/JPY Technical Strategy: Flat
  • Support: 184.60, 183.20, 182.34
  • Resistance: 185.74, 186.87, 188.27

The British Pound is pushing aggressively higher as early results from the UK general election begin to emerge, rising to the strongest level in four months. A daily close above the 50% Fibonacci expansion at 185.74 exposes the 61.8% level at 186.87. Alternatively, turn back below the 38.2% Fib at 184.60 opens the door for a test of the 23.6% expansion at 183.20.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests that taking up the short side is premature. With that in mind, we will remain flat for now.

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GBP/JPY Technical Analysis: Pound Jumps to 4-Month High

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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