The GBP/JPY bottomed during the European session at 123.94 but it reversed and turned to the upside. Supported by an improvement in risk appetite the pair rose recovered ground and rose to test an important resistance level at 125.00.
Cable reached a fresh 2-day high at 125.07 but retreated afterwards. At the moment is trading at 124.95/99, less than 20 pips above today’s opening price, and continues to test 125.00.
The Pound is recovering after bottoming at 123.30 on Wednesday, the lowest price since March 16. “Only a break back above 127.00 starts the consideration of a bullish trend in the medium term,” said Fan Yang, Technical Strategist at FXTimes.com. “When you look at the daily chart, you see a bearish market, so any bullish signals in the short-term can lead to rallies that are vulnerable to being faded into the 122.15 low.”
Source: FXCC
Cable reached a fresh 2-day high at 125.07 but retreated afterwards. At the moment is trading at 124.95/99, less than 20 pips above today’s opening price, and continues to test 125.00.
The Pound is recovering after bottoming at 123.30 on Wednesday, the lowest price since March 16. “Only a break back above 127.00 starts the consideration of a bullish trend in the medium term,” said Fan Yang, Technical Strategist at FXTimes.com. “When you look at the daily chart, you see a bearish market, so any bullish signals in the short-term can lead to rallies that are vulnerable to being faded into the 122.15 low.”
Source: FXCC
