GBP/JPY faces resistance around 169.80,break above targets 173.4

FX:GBPJPY   British Pound / Japanese Yen
142 0 3
Major trend line resistance – 169.80 ( trend line joining 170.27 and 170.02)

The pair is facing resistance at 169.80 and break above targets 172/173.45 in short term. It’s minor support is around 168.50 and below that level it will reach 167.70/166.90.

The pair is consolidating in a narrow range for past two days and market awaits UK GDP data for further direction.

UK GDP is expected to grow at 0.5% on quarterly basis slightly above the 0.4% rate recorded in Q3.

Short term trend reversal only below 167.80.

It is good to buy only above 169.80 with SL around 168.50 for the TP of 173.45
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