Tuesday, October 29, 2013

GBP/JPY Daily Outlook

There was no follow through selling in GBP/JPY and intraday bias is turned neutral again. Outlook is unchanged before breakout from 154.72/159.52 range. Near term upside momentum remains very unconvincing. Hence, while above 159.52 will extend recent rally, we'd expect strong resistance below 163.05 resistance to bring larger reversal eventually.



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