Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD (184.963)
- Resistance: 184.98, 186.00, 187.05
- Support Levels: 183.70, 182.93, 181.80
- Trade Strategy: Stand Aside
The GBP/JPY is moving higher to test the key pivot at ¥185. This comes after three straight days of gains. Please refer to the below daily MT 4 chart.
Near term resistance is currently lining up near 184.98. A daily close above this level targets the next technical resistance level that lines up at next key pivot at ¥186. Should Yen gain strength, pushing the GBP/JPY lower, then support is at 183.70. A daily close below this level challenges the technical support at 182.93.
Entering a long, from a risk to reward perspective, is not a good idea. We are too close to a resistance level. Especially a key pivot that has a chance of holding. There are no bearish reversal signs at this time either. I will stand aside, flat, till a better trade shows up.
