Forex Trading: GBPJPY Technical Analysis – January 18, 2019

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The Great Britain Pound (GBP) inched higher against the Japanese Yen (JPY) on Friday, increasing the price of GBPJPY to more than 141.00 following some major economic news 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

As of this writing, the pair is being traded around 141.98, since the price is increasing it may come across a resistance around 142.58, the major horizontal resistance level is the point of reference. Another resistance level is likely to come around 145.00, the psychological number ahead of 149.48, the high of November 11, 2018, as demonstrated in the given below chart.

GBPJPY

On the downside, a support can be witnessed around 140.48, the major horizontal support level. Another support may come near 138.34, the 38.2% 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 142.58, 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 0.6% 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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