GBP/JPY Price Analysis: Retreats from key hurdle below 151.00 with eyes on UK employment

GBP/JPY maintains breakdown of 13-day-old horizontal resistance marked the preceding day.
Bearish MACD, downbeat expectations from British jobs record preserve marketers hopeful.
Multiple upside obstacles probe bulls above 151.00, key Fibonacci retracement stages entice bears.
GBP/JPY stays heavy round mid-150.00s, presently down 0.23% intraday, beforehand of the key UK employment document on Tuesday. In doing so, the quote justifies pullback from almost fortnight ancient resistance region amid bearish MACD.

Forecasts propose the headline Unemployment Rate upward jostle from 5.1% to 5.2% at some point of the three months to January.

Given the gradual consensus for the British data, coupled with the pair’s lack of ability to pass instantaneous resistance-zone amid bearish MACD, GBP/JPY agents can preserve focused on the a hundred and fifty threshold, comprising 50% Fibonacci retracement of February 26 to March 18 upside.

It should, however, be cited that the pair’s draw back past-150.00 will have robust helps in the structure of 61.8% Fibonacci retracement stage and 200-SMA, respectively round 149.35 and 148.70.

Alternatively, an upside destroy of 150.80 isn’t a clear invitation to the GBP/JPY customers as every other horizontal line consisting of tiers from March 09, round 151.25 additionally stands tall to check the quote’s run-up.

If at all the GBP/JPY bulls control to pass the 151.25 hurdle to the north, 152.10-15 have to additionally be cleared earlier than eyeing the month-to-month height surrounding 152.55.


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