The Great Britain Pound (GBP) inched higher against the Japanese Yen (JPY) on Wednesday,  increasing the price of GBPJPY to more than 146.00 following some major economic releases. The technical bias may remain bullish since the pair’s price marked a higher high in the recent upside move.

GBP/JPY Technical Analysis

Currently, the pair is being traded around 146.70, the trendline resistance can be witnessed around 149.36, ahead of 152.00, the psychological number and then comes 156.70, the key horizontal resistance level as demonstrated in the given below chart.

On the downside,  the price may come across support around 144.04, the major horizontal support ahead of 141.05, the 38.2% Fib level support and then comes 137.36, the low of February 15, 2019, as demonstrated in the given above chart. The technical bias shall remain bullish unless 144.04, the key horizontal support level remains intact.

UK’s Growth Rate

The UK economy picked up speed in the three months to July, boosted by warm weather and the World Cup.

The Office for National Statistics reported on Monday that GDP expanded by 0.3 percent in July, better than the 0.2 percent expected by City of London analysts and up from the 0.1 percent growth rate in June.

Over the three months, the growth rate picked up from 0.4 percent to 0.6 percent, the highest since the summer of 2017. Generally speaking, an increasing trend indicates a bullish market for Great Britain Pound (GBP) and vice versa.

Trade Idea

Considering the overall price behavior of the pair over the last couple of days, buying the GBPJPY around current levels can be a good decision in short to medium term.