GBPJPY Chart Technical Outlook stalls below 187.00 with bullish momentum fading
Sterling’s rally sewn on Tuesday and early Wednesday has lost steam, with the pair failing to find acceptance above 187.00.
Technical indicators remain positive, with price action on top of the 4h 50 SMA and RSI above 50.
Later today, the UK preliminary PMI, which is expected to show a slight improvement in November, might provide some support for the pair in a light trading session with the Japanese markets closed for the Labor Thanksgiving holiday.
Immediate resistance remains at 187.15. Above here, the YTD high, at 188.85 will be exposed.
Supports are 186.25 and 184.60.
