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Market View

GBPJPY is still under selling pressure!

Wednesday, February 7, 2018 11:06 AM GMT

GBPJPY trimmed almost all its yesterday’s gains and it is currently flirting the recent lows around 151.5. Tomorrow we are expecting BoE’s Interest Rate Decision and Minutes. If there is a dovish tone then it may push GBP even lower. In the meanwhile, the high-risk sentiment on equities pressures, even more, the pair to the downside.

Reviewing the daily timeframe, GBPJPY is still holding above the rising trendline (T1) but losing the 50% Fibonacci retracement level. However, a major support is located at 61.8% level, which may offer a possible buying trade setup. The mid-term bias remains bearish.



Heading to the hourly TF, there is a decent support area at 151 – 150.8. If there is a confluence of MACD’s positive divergence too, then it may give an intraday buying setup. The short-term bias is strongly bearish.


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