GBP crosses/JPY crosses

Cable closing in on important resistance level above 1.6300

Cable has topped out near 1.6300/10 on three separate occasions in recent months and we are closing in again on the same level. The Yen crosses are driving movement today in very illiquid markets (Japan and China closed) and fiscal cliff developments are of course the main factor behind sentiment swings. GBP/JPY has gained added momentum after the break above 140.00 and is currently almost 100 pips above earlier session lows.

  1. Hey Sean, cable just busted above the 260-week SMA. Not the biggest deal, but it seems a number of TA’s like to watch that MA, and it hasn’t been above it in a lonnngggg time lol. Cheers!

  2. It seems to have more import for daily charts, 260 being the approximate number of trading days in 1 year, but on the weekly it also represents 5 years (52 weeks x 5=260)

  3. Thanks Sean, all the best to you also. The aforementioned MA is ~ 1.6286. On the way up, the price was stalled there momentarily, broke higher, then came back down to right around the same area and shot higher. It could be a number of things, but I figured I’d mention it. August ’08 is the last time it was above the MA.

  4. I’d wait a bit longer Lam-Son, now that cable has broken up we could see more impulsive GBP buying. I’m now sure yet on levels, best to wait and monitor for next few days imho

  5. GBP looks like it has stalled a little. good time to continue for long. This might even be a pricing in for a potential down grade in coming weeks.just my thought.

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