Forex Trading: GBPJPY Technical Analysis – December 06, 2019
The Great Britain Pound (GBP) slips down against the Japanese Yen (JPY) on Friday with a price that went below 143.00. The decrease in the price resulted after a piece of major economic news broke. The technical bias might remain bullish because of the lower high printed on the graph during the last downside move.
GBP/JPY: Technical Analysis
The GBPJPY is being traded around 142.98 at times, it may receive some support around 140.34, the key horizontal support level ahead of 139.42, the trend line support and then comes the Fibonacci level near 135.06, which might help the price to sustain around current level and prevent it from falling further as shown in the graph below.
Coming towards the upside, a few resistance levels may be seen with the first one is coming around 143.76, the horizontal resistance level ahead of 145.00, the psychological number and then 148.87, the high of March 14, 2019, as shown in the graph above.
UK’s Gross Domestic Product
From the Fundamental perspective, the National Statistics release the GDP figure which estimates the contribution of every sector towards the total GDP of the country. GDP is considered to be an expansive share of the financial activities of the UK. Generally speaking, the GBP is positively affected by a rising pattern, while a falling pattern is seen as negative (or bearish). According to the reported figures, in November it is 0.3 percent, compared to -0.2 percent in the previous month, yet did not meet economists ‘ estimates of 0.4 percent.
Since the technical bias seems to remain bullish therefore opening up long or short positions may work well.