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14 Aug 2013
GBP/JPY extends 2-week highs, range-bound context
FXstreet.com (Chicago) - GBP/JPY accumulates 1.30% daily gains against a weaker yen ahead of BoE minutes.
Price action indicates the pair trades at 151.74 respecting supports at 151.55 (August 2th highs), 151.21 (July 15th highs) ahead of 150.89 (July 6th highs) and resistances at 152.05 (August 10th highs), 152.33 (July 18th highs) followed by 152.65 July 1st highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis as the pair trades on 2-week highs zone above the EMA20.
According to the ICN technical analysis team, “the GBP/JPY pair has been trading positively and rather powerfully since Tuesday morning, bolstering our outlook for continuing uptrend. The price confirmed the first proposed target at 151.50 hence, we are anticipating more bullish targets, extending to 154.00. Note that stability above 150.10 is vital for the continuation of positive trading.”
Price action indicates the pair trades at 151.74 respecting supports at 151.55 (August 2th highs), 151.21 (July 15th highs) ahead of 150.89 (July 6th highs) and resistances at 152.05 (August 10th highs), 152.33 (July 18th highs) followed by 152.65 July 1st highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis as the pair trades on 2-week highs zone above the EMA20.
According to the ICN technical analysis team, “the GBP/JPY pair has been trading positively and rather powerfully since Tuesday morning, bolstering our outlook for continuing uptrend. The price confirmed the first proposed target at 151.50 hence, we are anticipating more bullish targets, extending to 154.00. Note that stability above 150.10 is vital for the continuation of positive trading.”