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

GBP/JPY Technical Analysis

Currently, the pair is being traded around 146.55, a resistance can be witnessed around 147.72, the trendline resistance ahead of 150.00, the psychological number and then comes 152.72, the key horizontal level as demonstrated in the given below chart.

On the downside, the price may come across support around 144.57, the major horizontal support. Another support level may come around 142.99, the confluence of two trendlines ahead of 139.57, the 38.2% Fib level support as demonstrated in the given above chart. The technical bias shall remain bearish unless 139.57, the confluence of two trendlines 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, selling the GBPJPY around current levels can be a good decision in short to medium term.