Forex Trading: GBPJPY Technical Analysis – Febuary 21, 2020
At the price less than 145.00, the Great Britain Pound fell against the Japanese Yen, Yet, this price fell not as such affect the price movement of the GBPJPY, because the pair is continuously in the position of the uncertainty, but the good thing is this that it not dropped its price much, so investors feel secure while investing in it. If we especially, talking about today’s drop, then this is due to the adverse result of the public sector net borrowing. Nonetheless, the technical bias might remains bullish, due to the lower high wave printed in the last downside move of the graph.
GBP/JPY: Technical Analysis
Recently, the GBPJPY valued itself at 144.34 on the graph, With the support on the downside, which is optimum for the GBPJPY that it has the maximum backup power, to lift its price to the ideal position, at 143.77, it gets its instant support of Fibonacci level, ahead of that, at 142.25 there is the trendline support and then at 139.16, it is assisted with the great horizontal support.
On the upper side, it has the pressure of the few levels of resistance that give rise to the fear that it could push it backward, the first trendline resistance is 144.38, then the psychological number is 145.00 and the largest horizontal resistance is 147.92.
UK Public Sector Net Borrowing
The latest figures from The Net Borrowing, which fell from £ 3.45 B to £-10.53 B, while the economist’s prediction of £-12.05 surpassed the remarkable impact on the JPY price of GBP. For general, if net borrowing is negative, it means the UK finances are surplus, which should be good for the GBP. Whilst a deficit is typically economically unfavorable for the UK.
From the above recent price action, the assumption has been drawn that it offers the benefits to both short and medium place holders with financing opportunities.