Daily Forex Technicals | Written by Finotec Group | Feb 10 09 09:10 GMT |

Forex Depth Analysis: GBP/JPY Investors use Sterling as alternative as Yen woes continue The pound gained for a fifth day against the U.S. dollar amid speculation this week's Bank of England quarterly inflation report will show consumer-price growth picked up, making an interest-rate cut less likely. The pound climbed to the highest level in three weeks after Barclays Plc said today earnings rose in the second half by more than analysts. The pound may extend gains against the euro should the Bank of England's Feb. 11 inflation report show the rate of consumer-price growth matching the central bank's target rather than undershooting it, Barclays Plc said. Trading Tactics Buy GBP/JPY on signs of a continuation pattern. The buying point is at 135.71; Pivot point is the take profit at 139.17; Fibonacci 38.2% is the stop loss at 133.55 The selling point is at 133.40; Pivot point is the take profit at 131.83; Fibonacci 23.6% is the stop loss at 135.02 Technical: Sterling breaks the previous resistance and continues its uptrend. A move back higher could set up a test of 1.39.17 The following analysis is for information only; Finotec is not responsible for any decisions or misinterpretations based on the given text. Finotec Group Inc. http://www.finotec.com/ Disclaimer: FINOTEC Tradings Market Commentaries are provided for informational purposes only. The information contained within these reports is gathered from reputable news sources and not intended as investment advice. FINOTEC Trading assumes no responsibility or liability from gains or losses incurred by the information herein.