Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Trading news
Back
14 Oct 2020

GBP/JPY Price Analysis: Rallies back to ascending trend-line support breakpoint

  • GBP/JPY witnessed a dramatic intraday turnaround from two-week lows.
  • The overnight break below a trend-line support warrants cautions for bulls.

The GBP/JPY cross built on its strong intraday recovery move from near two-week lows and refreshed daily tops, around the 137.25-30 region in the last hour. The cross has now recovered over 150 pips from daily swing lows, with bulls now looking to build on the momentum further beyond the 200-period SMA on the 4-hourly chart.

Meanwhile, technical indicators on the daily chart maintained their bullish bias and have again started gaining positive traction on hourly charts. The set-up supports prospects for further near-term appreciating move amid renewed Brexit optimism. It is worth recalling that the UK reportedly will not walk away from Brexit talks immediately.

However, the overnight break below three-week-old ascending trend-line favours bearish traders and warrant some caution. Hence, any subsequent move up is more likely to confront a stiff resistance and remain capped near the 137.80-85 supply zone, or over one-month tops touched on Monday. That said, a sustained move beyond should pave the way for additional gains.

The GBP/JPY cross might then aim to surpass the 138.00 mark and test the next major hurdle near the 138.35 region.

On the flip side, any meaningful pullback below the 137.00 mark might now be seen as a buying opportunity. This, in turn, should help limit the downside near the 136.70 area, nearing the very important 200-day SMA. Failure to defend the mentioned support levels will shift the bias back in favour of bearish traders and turn the GBP/JPY cross vulnerable.

GBP/JPY 4-hourly chart

fxsoriginal

Technical levels to watch

 

Oct 14, 2020

IMF's Georgieva: Countries must continue essential measures to ensure durable recovery

Countries must continue essential measures to ensure to protect lives and livelihoods to ensure a durable recovery, International Monetary Fund (IMF)
Read more Previous
Oct 14, 2020

EUR/GBP to spike towards 0.93 on a no-trade-deal Brexit – Rabobank

Economists at Rabobank expect to see a spike to the 0.93 region on the EUR/GBP pair on the event that no trade deal is signed by the EU and the UK. Ke
Read more Next