The Great Britain Pound (GBP) slid down against the Japanese Yen (JPY) on Monday,  decreasing the price of GBPJPY to less than 143.00 following some major economic releases. The technical bias may remain bearish since the pair’s price marked a higher low in the recent upside move.

GBP/JPY Technical Analysis

Currently, the pair is being traded around 142.46, a support can be witnessed around 140.81, an immediate trendline support ahead of another support 138.00, the psychological number and then comes 135.59, the key horizontal level as demonstrated in the given below chart.

On the upside, the price may come across a resistance around 144.00, the immediate trend line resistance. Another resistance level may come around 144.80, the horizontal resistance level ahead of 145.94, the key horizontal line resistance as demonstrated in the given above chart. The technical bias shall remain bearish unless 146.09, the major horizontal resistance 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, selling the GBPJPY around current levels can be a good decision in short to medium term.