GBP/JPY Weekly Outlook: Analyzing Key Levels and Market Trends
Saturday, 27 July 2024, 11:46
GBP/JPY Weekly Overview
The GBP/JPY currency pair has shown notable volatility in the past week, with a sharp decline followed by a brief recovery.
Market Movements
- The pair fell from a high of 208.09 to a low of 195.84 last week.
- The recovery was triggered by breaching the 38.2% retracement level at 196.71.
- Current bias remains neutral as the market consolidates.
Key Resistance and Support Levels
- Resistance level at 202.08 is crucial for market direction.
- Sustaining below 196.71 could indicate a larger corrective phase.
- Potential target for correction is the 185.49 Fibonacci level.
In conclusion, keeping a close eye on these key levels will be vital for traders as we proceed into the week. Observations in price action around the stated resistances and supports will guide future trading strategies.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.