A pair GBP/JPY of second week of consolidating within the range of 176.86 – 178.00. Despite the fact that the Bank of Japan holds a soft monetary policy positions pounds at this stage appear to be more vulnerable. The key factor of pressure on the British currency during the month will be the next general elections in the country.
Any political uncertainty leads to the sale of the national currency, and these elections promise to be one of the most unpredictable events of the last decades. Against this background, the pound will be difficult to develop an upward movement, and therefore, the pair may continue to move within the range previously established and most correct tactics in this case may be for sale in the region of its upper limit.
|GBP JPY chart|
Support and resistance levels
Support 1 176,86
Support 2 176,00
Current price: 177,46
Resistance 1 177,50
Resistance 2 178,00
Sell when prices rebound down the level of 178.00 with a view to 176.86. Stop-Loss = 178,67
Warning: Profitability in the past does not mean profitability in the future. Any projections are for informational purposes only and do not guarantee the results obtained.