GBP/JPY Rebounds Ahead of July Low
GBP/JPY bounces back ahead of the July low (176.33) to snap the recent series of lower highs and lows, but the exchange rate may face range bound conditions if it fails to climb above the 50-Day SMA (183.31).
GBP/JPY Outlook
GBP/JPY consolidates after struggling to close below the 179.40 (23.6% Fibonacci retracement) to 179.70 (61.8% Fibonacci extension) region, and the exchange rate may extend the rebound from the monthly low (178.10) if it clears the opening range for October.
In turn, GBP/JPY may stage further attempts to test the 50-Day SMA (183.31), with a break/close above 183.90 (50% Fibonacci retracement) bringing the September high (185.78) on the radar.
However, GBP/JPY may continue to hold below the moving average if it fails to clear the opening range for October, with a breach below the monthly low (178.10) raising the scope for a move towards 177.20 (23.6% Fibonacci retracement).
GBP/JPY Outlook
GBP/JPY consolidates after struggling to close below the 179.40 (23.6% Fibonacci retracement) to 179.70 (61.8% Fibonacci extension) region, and the exchange rate may extend the rebound from the monthly low (178.10) if it clears the opening range for October.
In turn, GBP/JPY may stage further attempts to test the 50-Day SMA (183.31), with a break/close above 183.90 (50% Fibonacci retracement) bringing the September high (185.78) on the radar.
However, GBP/JPY may continue to hold below the moving average if it fails to clear the opening range for October, with a breach below the monthly low (178.10) raising the scope for a move towards 177.20 (23.6% Fibonacci retracement).
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