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GBP/JPY technically posed to the downside

FXStreet (Barcelona) - GBP/JPY is trading at 174.95, up 0.01% on the day, having posted a daily high at 175.11 and low at 174.79.

GBP/JPY is a slow sideways formation and rests around the psychological 175 handle in a consolidation phase of the decent from the congestion around the September mean 178 level. The rally from below 170.00 marks current price as the 50% retracement which gives the bulls a space to breath in oversold territory. However, Slobodan Drvenica, analyst at Windsor Brokers Ltd explains that the moving averages of near-term studies are negatively aligned and keep the upside capped for now. “Further easing should be ideally contained at 173.60 zone, Fibonacci 61.8%, reinforced by ascending daily 55 SMA, as daily studies are still positive and require reversal above the latter support, to keep bulls in play”.

GBP/JPY levels

With spot trading at 174.97, we can see next resistance ahead at 175.11, 175.39 (Daily Classic PP), 175.48 (Yesterday's High) and 175.83 (Daily Classic R1). Support below can be found at 174.93 (Hourly 20 EMA), 174.87 (Daily Classic S1) and 174.47.

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