Forex Trading: GBPJPY Technical Analysis – January 16, 2019

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The Great Britain Pound (GBP) inched higher against the Japanese Yen (JPY) on Wednesday,  increasing the price of GBPJPY to more than 140.00 following some major economic releases. The technical bias may turn bullish 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 140.20, the price may come across a resistance around 142.58, the immediate horizontal resistance level. Another resistance level may come around 146.00, the psychological number ahead of 149.48, the key horizontal resistance level as demonstrated in the given below chart.

GBPJPY

 

On the downside, a support can be witnessed around 138.34, the major horizontal support ahead of another support 135.72, the 23.6% Fib level support and then comes 131.51, the low of January 03, 2019 as demonstrated in the given above chart. The technical bias shall remain bearish unless 138.34 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.

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