Cross-rate signals: GBP/JPY is waiting for resumption of decline - Ester Holdings

Cross-rate signals: GBP/JPY is waiting for resumption of decline

Cross GBP/JPY received a significant support due to the depreciation of the Japanese yen after reducing the risks of transferring trade duties. It returned the pair above the key level of 128.00. As a result, this cross slowed down the downtrend, but could not break it. A pound decline is highly expected given the continued risks of a tough Brexit, .

The resumption of the decline in the GBP/JPY pair is expected when fixing below the zone 127.50-30.

This will open the way to support levels: 126.80 and 126.50. Resistance is located at 127.80 and 128.00, which should be considered after the resumption of decline.

Read also: “Fundamental analysis:
interest rate and its effect on the exchange rate”

Hanzenko Anton

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