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GBP/JPY weakens to trade at 184.60 levels – FXStreet

FXStreet (Barcelona) - FXStreet Editor and Analyst Omkar Godbole, notes that the GBP/JPY pair clocked another day of gains ending at 185.23 levels before weakening today to trade at 184.60 levels.

Key Quotes

“GBP/JPY has weakened today to trade at 184.60 levels, while the daily RSI, at 69.12, has turned lower from the overbought zone. Moreover, a red candle today would confirm a bearish Price-RSI divergence on the daily chart.”

“Meanwhile, the hourly chart shows, the pair is moving in a downward channel today with the RSI bearish at 41.08 levels.”

“The pair has also declined below the hourly 50-SMA level currently located at 185.00, although the pair may re-test the same before extending losses. The downside in the pair appears capped around channel support located at 184.18 levels.”

“On the other hand, a fresh demand for Pounds can be anticipated above the channel resistance located at 185.40.

Gold prices are trading higher today during the European session, although broader gains are likely to be capped by US Dollar strength.

Gold prices are trading higher today during the European session, although broader gains are likely to be capped by US Dollar strength.
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