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16 Sep 2013
GBP/JPY limited below 158 despite Pound strength
FXstreet.com (Barcelona) - The GBP/JPY foreign exchange cross rate is currently trading at 157.88 off early session lows at 156.92 printed on the back of Yen strength and broad USD weakness as Larry Summers withdraws from Fed governor race.
GBP/JPY struggling to overcome the 158 handle
The cross is still unable to move above the 158 handle despite current Pound strength, given Yen is also currently strong, with Tokyo markets closed today over holiday, and Nikkei futures pointing higher. At the time of writing Yen is giving back part of its gains, and GBP/JPY is quoted a t 157.93, pressing against session and Friday's highs at 157.98.
GBP/JPY key technical levels
Immediate support to the downside for GBP/JPY lies at Wednesday's lows 157.51, followed by Friday's lows at 157.04, and recent session lows at 156.92. To the upside, closest resistance shows at recent session highs 158.96, followed by Thursday's highs at 158.27, and Wednesday's fresh 4-year highs at 158.60.
GBP/JPY struggling to overcome the 158 handle
The cross is still unable to move above the 158 handle despite current Pound strength, given Yen is also currently strong, with Tokyo markets closed today over holiday, and Nikkei futures pointing higher. At the time of writing Yen is giving back part of its gains, and GBP/JPY is quoted a t 157.93, pressing against session and Friday's highs at 157.98.
GBP/JPY key technical levels
Immediate support to the downside for GBP/JPY lies at Wednesday's lows 157.51, followed by Friday's lows at 157.04, and recent session lows at 156.92. To the upside, closest resistance shows at recent session highs 158.96, followed by Thursday's highs at 158.27, and Wednesday's fresh 4-year highs at 158.60.