The Great Britain Pound (GBP) inched higher against the Japanese Yen (JPY) on Monday,  increasing the price of GBPJPY to more than 145.00 following some major economic releases. The technical bias may remain bearish since the pair’s price marked a lower low in the recent downside move.

GBP/JPY Technical Analysis

Currently, the pair is being traded around 145.62, the price may come across a resistance around 146.23, the immediate horizontal resistance. Another resistance level may come around 147.04, the 61.8% Fib level resistance ahead of 149.38, the trend line resistance as demonstrated in the given below chart.

On the downside, a support can be witnessed around 144.39, an immediate 23.6% Fib level support ahead of another support 144.21, the trend line support and then comes 142.75, the key horizontal level as demonstrated in the given above chart. The technical bias shall remain bearish unless 146.23, the major horizontal resistance level remains intact.

GBP’s Growth

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.