The Great Britain Pound (GBP) rose against the Japanese Yen (JPY) on Tuesday, this led to an increase in the price of GBPJPY making the total appear more than 146.00 The price of the pair increased after a major economic news released. Considering the price movement of the pair over the last few days, it is anticipated that the technical bias may turn because the pair’s price marked a lower high in the recent upside move.

GBP/JPY Technical Analysis

Currently, the pair is being traded around 148.03, since the price is increasing it may encounter a resistance around 149.10, the trend line resistance. Another resistance level may come around 154.00, the psychological number resistance. At 156.560, the key horizontal resistance is likely to prevent the price of the pair from rising above this level, as demonstrated in the given below chart.

Coming towards the downside, a support can be witnessed around 146.24, the 38.2% Fib level support is the point of reference. Another support may come near 143.10, the trend line support and then comes a major horizontal support around 139.86 which is likely to prevent the price from falling further as demonstrated in the given above chart. The technical bias shall remain bearish as long as 148.23, the major horizontal resistance level remains intact.

Great Britain Gross Domestic Product News

In Great Britain, the figure concerning the GDP (Gross Domestic Product) remained 0.0% in August, as compared to 0.4%t during the month before, down beating the economist expectation which was 0.1%. The date is sourced from a 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 implies 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.