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26 Feb 2014
GBP/JPY trapped between 170.00 and 171.00
FXStreet (Córdoba) - After being unable to hold above 171.00 the GBP/JPY finished Tuesday with a small loss hovering around 170.20. Cable moved between 170.00 and 171.00 for the second day in a row: it peaked at 171.08 (2-day high) but pulled back quickly toward 170.00.
GBP/JPY with difficulties above 171.00
The pair traded above 171.00 momentarily in five out of the last seven days but it was never able to post a daily close on top. To the downside a similar situation happened with 170.00: it fell below several times in the last days but it rebounded back above.
The rally that started at the beginning of February lost momentum and now the pair is moving sideways between 170.00 and 171.00, without a definition of where to go.
GBP/JPY with difficulties above 171.00
The pair traded above 171.00 momentarily in five out of the last seven days but it was never able to post a daily close on top. To the downside a similar situation happened with 170.00: it fell below several times in the last days but it rebounded back above.
The rally that started at the beginning of February lost momentum and now the pair is moving sideways between 170.00 and 171.00, without a definition of where to go.