Guppy up this week as 42 day downtrend broken

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HotForex Market Review
HotForex Market Review

GBPJPY, H1 & Daily

GBPJPY, or the Guppy as it is affectionately known, like all the Sterling crosses,  has had a “Hard Brexit looks less likely” induced week:-

  • Monday – the 139.00 level was breached.
  • Tuesday – following Mrs May’s historic defeat, the Daily candle breached above the 20-day Moving Average for the first time since November 15. This broke a 42 day, 534 pip downtrend, which was nice if you are a trend trader.
  • Wednesday; the psychological 140.00 was scaled and the pair closed at a 13 day high.
  • Yesterday (Thursday) the close was right on the 50-day Moving Average and a smidgen below 142.00 having breached and broken the H4 200-period moving average at 141.00

A key zone beckons at 143.50-145.00 if the up trend can be maintained, support sits at 140.00 with the 20-day moving average and S1.

  • Today (Friday) there are UK Retail Sales figures at 09:30,  which could easily stall the weekly rise, with 142.00 being key along with the daily pivot at the 141.00 zone.

 

 

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