Forex Trading: GBPJPY Technical Analysis – November 12, 2019

The Great Britain Pound (GBP) appreciated against the Japanese Yen (JPY) on Tuesday,  bringing the price of GBPJPY to more than 140.00 after some major economic news released. The technical bias may remain bullish since the pair’s price indicated a higher high in the recent upside move.

GBP/JPY Technical Analysis

Currently, the pair is being traded around 140.18,  the immediate trendline resistance can be witnessed around 142.66, ahead of 143.12 the 61.8% Fib level and then another trendline resistance can be noted at  150.89 which may cause hurdle in the path of moving over this level,  as demonstrated in the given below chart.

GBPJPY

On the downside, Immediate trendline support that prevents backing prices can be seen at 138.61, ahead of 137.97, 23.6% Fib level support, and then at 133.98, the major horizontal support as shown in the above graph. The technical bias will remain bullish as long as 137.97, the key horizontal support level remains unchanged.

GBP Markit Service

From the fundamental perspective, the data released by the Chartered Institute of Purchasing & Supply and Markit Economics in the United Kingdom announced that the Markit Service is 50 this month, tumbling from the 49.5 records of the previous month and down beating from the economist forecast of 49.7.

The PMI service is an indicator of the UK services sector’s economic situation. This provides an analysis of revenue and employment conditions. It is worth noting that the service sector in the UK does not affect the GDP as much as the manufacturing PMI does, whether positively or negatively. Traders want the highest reading possible because this would be deemed good for the GBP. Any reading above 50 indicates expansion, while a reading below 50 indicates contraction.

Trade Idea

Considering the overall price movement over the last couple of days, purchasing the GBPJPY around current levels can be a better choice in the short to medium term. Since exchanging includes different components so as to remain safe, for example, selection of representatives, exchanging stage, influence levels, negative parity insurance, and so on, thusly, investigating our recommended brokers list may help you accomplish your ideal outcomes.

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