The Great Britain Pound (GBP) rose against the Japanese Yen (JPY) on Friday, increasing the price of GBPJPY to more than 143.00, following some major economic news releases. The technical bias may remain bearish since the pair’s price marked a higher high in the recent upside move.
GBP/JPY Technical Analysis
As of this writing, the pair is being traded around 143.39, a resistance around 143.48, an immediate 61.8% Fib level resistance is the point of reference. Another resistance level is likely to come around 147.20, the trend line resistance level ahead of 149.49, the key horizontal resistance as demonstrated in the given below chart.
Coming towards the downside, a support can be witnessed around 139.77, the 38.2% Fib level which may keep the price from falling below this level. Another support may come near 137.47, the major horizontal support and then comes 136.76, the low of January 03, 2019 as demonstrated in the given above chart. The technical bias shall remain bullish unless 141.61, the major horizontal support level remains intact.
United Kingdom Gross Domestic Product News
In Great Britain, the figure concerning the GDP (Gross Domestic Product) remained 0.6% in 3rd quarter of the year, as compared to 0.6%% during the quarter before, meeting the economist expectation which was 0.6%. The data is sourced from news released by the National Statistics, United Kingdom.
The figure represents a net worth of all products including goods and services produced in the country. It’s a matter of fact the news with respect to GDP is usually considered as the most anticipated economic news since it deals with the country’s economic health and performance over time. Generally speaking a rising trend in this regard indicates a bullish market for the Great Britain Pound (GBP) whereas a downward trend suggests a bearish market for the Great Britain Pound (GBP).
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.