GBP/JPY finds strong supply at 160 round

FXstreet.com (Barcelona) - The GBP/JPY foreign exchange cross rate is currently trading at 159.26 off recent session lows at 159.11 ahead of UK Public sector net borrowing at 08:30 GMT, retracing from fresh 4-year highs at 160.07 printed in early NY trade.

GBP/JPY attracting longs into current retreat

“Upmove currently hindered by the overbought posture seen on daily tools but the bullish breakout of 1-week pennant is attracting longs into current retreat,” said IFRMarkets analyst Richard Sexton, adding: “seeking later extension to 160.34 then 161.00.” The cross is last up +0.96% for the week so far.

GBP/JPY key technical levels

Immediate support to the downside for GBP/JPY lies at recent session lows 159.11, followed by Sept 11 highs at 158.64, and Tuesday's highs at 158.15. To the upside, closest resistance shows at recent session highs at 159.69, followed by yesterday's fresh 4-year highs at 160.07, and Nov 2008 highs at 161.69.