Forex Trading: GBPJPY Technical Analysis – September 06, 2019

The Great Britain Pound (GBP) slid down against the Japanese Yen (JPY) on Friday,  decreasing the price of GBPJPY to less than 132.00 following some major economic releases. The technical bias may turn 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 127.60  On the downside,  a support can be seen around 130.82, the trendline support ahead of 130.02, the 23.6% fib level and then comes 128.69, the key horizontal support as demonstrated in the given below chart.

GBPJPY September 06, 2019

 

A trendline resistance can be witnessed around 134.26, ahead of 139.02, the 61.8% Fib level support and then comes 146.20  the key horizontal resistance as demonstrated in the given above chart. The technical bias shall remain bearish as long as 134.26, the key horizontal resistance level remains intact.

Great Britain Pound Growth’s Rate

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 Jan, better than the 0.2 percent expected by City of London analysts and up from the 0.1 percent growth rate in Dec.

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, buying the GBPJPY around current levels can be a good decision in short to medium term. Since trading involves various other elements in order to stay safe such as choice of brokers, trading platform, leverage levels, negative balance protection, etc, therefore, exploring comparative websites may help you achieve your desired results.

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