The Great Britain Pound (GBP) inched higher against the Japanese Yen (JPY) on Tuesday,  increasing the price of GBPJPY to more than 142.00 following some major economic releases. The technical bias may turn 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 142.45, a resistance can be witnessed around 144.52, the trendline resistance ahead of 145.00, the psychological number and then comes 145.83, the key horizontal level as demonstrated in the given below chart.

On the downside, the price may come across support around 140.34, the immediate horizontal support. Another support level may come around 138.60, the low of January 14, 2019, ahead of 136.96, the 38.2% Fib level as demonstrated in the given above chart. The technical bias shall remain bullish unless 144.52, 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, buying the GBPJPY around current levels can be a good decision in short to medium term.