The Great Britain Pound (GBP) inched higher against the Japanese Yen (JPY) on Friday, increasing the price of GBPJPY to more than 136.00 following major economic releases. Considering the price movement of the pair over the last few days, it is anticipated that the technical bias may remain bearish since the pair’s price marked a higher low in the recent upside move.
GBP/JPY Technical Analysis
As of this writing, the pair is being traded around 139.36 since the price is increasing it may come across a resistance around 140.01, the trend line resistance is the point of reference. Another resistance level is likely to come around 142.59, the 61.8% Fib level resistance ahead of 149.47, the major horizontal resistance as demonstrated in the given below chart.
Coming towards the downside, a support can be witnessed around 135.71, the 23.6% Fib level support level which may keep the price from falling below this level. Another support may come near 133.00, the psychological number and then comes 131.47, the major horizontal support level as demonstrated in the given above chart. The technical bias shall remain bearish unless 140.49, the major horizontal resistance level remains intact.
United Kingdom Gross Domestic Product News
In Great Britain, the figure concerning the GDP (Gross Domestic Product) remained 0.1% in October, as compared to 0.0%t during the month before, meeting the economist expectation which was 0.1%. The date 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, selling the GBPJPY around current levels can be a good decision in short to medium term.