The Great Britain Pound (GBP) fell against the Japanese Yen (JPY) on Thursday, this led to a decrease in the price of GBPJPY making the figure appear less than a total of 148.00. The price of the pair decreased after a major economic news broke. The technical bias may turn bearish since the pair’s price marked a higher low in the recent upside move.

GBP/JPY Technical Analysis

Currently, the pair is being traded around 147.45, since the price is decreasing it may come across a support around 145.95, the 38.2% Fib level support is the point of reference. Another support level is likely to come around 144.78, the key horizontal support level ahead of 142.60, the low of September 07, 2018 as demonstrated in the given below chart.

Coming towards the upside, a resistance can be witnessed around 149.23. This is an immediate trend line resistance which may keep the price from passing through this level. Another resistance may come near 150.21, the confluence of two trend lines and then 156.60, the major horizontal resistance level as demonstrated in the given above chart. The technical bias shall remain bearish unless 150.21, the key horizontal support level remains intact.

Great Britain Gross Domestic Product News

In Great Britain, the figure concerning the GDP (Gross Domestic Product) remained 0.0 percent in August, as compared to 0.4 percent during the month before, down beating the economist expectation which was 0.1 percent. 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) 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.