Special Focus On GBPJPY

GBPJPY: Sees Bearish Follow Through Lower

GBPJPY: With the cross facing price extension from its Tuesday weakness, further downside pressure is now seen. On the downside, support comes in at the 181.00 level where a violation will aim at the 180.00 level. A break below here will target the 179.00 level followed by the 178.00 level. Further down, support lies at the 177.00 level. Conversely, on the upside, resistance lies at the 183.00 level followed by the 184.00 level where a break will aim at the 185.00 level. A cut through here will aim at the 186.00 level. Its daily RSI is turning higher supporting this view. All in all, the cross remains biased to the upside on corrective recovery though pulling back.

Concur, this pair remains in an upward trend since 2011 despite the 52 week low last October; it remains above the 200 day moving average.

-Adrian

New 4 week low on GBP/JPY had me take profit today. I took profit on GBP/AUD and GBP/CAD longs also, these too struck fresh 4 week lows. GBP/USD looks to close the week strongly down again, I am certainly still in that short.

GBP/LSD

-Adrian