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26 Jun 2020

GBP/JPY Price Analysis: Approaching Fibonacci level at 132.05 area

  • GBP/JPY retreats from 133.30 to test the Fibonacci retracement level at 130.05.
  • The overall risk aversion, combined with Brexit fears have punished the pound.

 

The pound has dropped about 0.65% on Friday, after rejection at the 50-day SMA and downward trending resistance from late-May highs, at 133.30. The pair has turned lower on Friday, to reach levels right above 130.05 where the 38.2% Fibonacci retracement level of the February-March sell-off and May 28, 29, and June 22 lows might offer support.

The overall risk-averse sentiment amid the global increase of COVID-19 cases combined with Brexit fears after the EU negotiator Michel Barnier highlighted the dim outlook for a trade deal has crushed the pound, which has lost ground against its main peers.

On the downside, below 131.80, negative pressure on the pair might increase sending it towards May 22 low at 130.70 and May 18 lows at 129.35. On the upside, immediate resistance remains at the trendline resistance, now around 133.30. Above here, the pair might gain bullish traction, aiming towards 134.55 (50% Fibonacci retracement of the February-March decline) and finally, 136,35 (June 16 high).

GBP/JPY daily chart

GBPJPY daily chart

GBP/JPY key levels to watch

 

 

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