UK’s Hunt: We need a compromise on all sides on Brexit
UK foreign secretary, Jeremy Hunt was out with some comments in the last hour saying that we need a compromise on all side on Brexit and that he doesn’t want customs union as long-term Brexit outcome.
Looking at the technical picture, last week’s bullish move failed just ahead of April swing highs and struggled to find acceptance above 23.6% Fibonacci retracement level of 1.2396-1.3381 up-move. Hence, it would be prudent to wait for a sustained move beyond mid-1.3100s, above which the pair might now aim towards reclaiming the 1.3200 round figure mark. A follow-through buying has the potential to continue lifting the pair further towards testing its next major resistance near the 1.3260-70 region en-route the 1.3300 round figure mark.
Long positions above 1.3085 with targets at 1.3175 & 1.3200 in extension
GBP/JPY – 200-day SMA regains the spotlight
Following its pullback from 50-day SMA, GBP/JPY is on the rounds near 145.15 during early Tuesday.
Given the quote manage to extend the latest U-turn, 145.70 can act as nearby resistance ahead of driving buyers to aim for 145.95 – 146.00 area including 50-day SMA
Long positions above 144.45 with targets at 146.00 & 146.50 in extension.
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