Forex Trading: GBPJPY Technical Analysis – Febuary 26, 2020
The Great Britain Pound has fallen against the Japanese Yen at the price less than 143.00, Meanwhile, this fall did not affect the price movement of the GBPJPY by many as, because the pair is constantly in the position of instability, however, the good thing is that this has not declined its price much far, so investors feel comfortable while investing in it. And thus this providing the best rational basis for short-term investments. And hence, the technical bias could remain bullish, because the last downside move printed the lower high wave on the graph.
GBP/JPY: Technical Analysis
Today, the GBPJPY priced at 142.19 on the graph, With the assistance on the downside, which is advantageous for the GBPJPY that provides the maximum backup power, to lift its price to the optimal position, at 142.60, it receives its immediate trendline support, ahead of that, at 141.44 there is another trendline support and then at 139.16, it is supported with the great horizontal support.
On the upper side, it has the pressure of the few levels of resistance that lead to the worry that it might move it downward, the first 23.6 percent Fib level resistance is at 143.77, then it has the trendline resistance at 144.58 and the greatest horizontal resistance could strike at 147.92.
GBP Markit Services PMI
The PMI service released on Feb. 21, 2020, is set at 53.3, which is a little worse than last month’s index of 53.9 and economist’s projection of 53.4. It provides a description of the wages and working conditions. Traders want the highest possible reading, as this will be viewed as positive for the GBP. More than 50 reading is considered to be bullish.
In spite, it’s falling today but it’s absolutely reasonable to believe that it’s quite possible to do investment in the GBP JPY.