Forex Trading: GBPJPY Technical Analysis – November 28, 2019
The Great Britain Pound (GBP) gains strength against the Japenese Yen (JPY) on Thursday, It inched higher increasing the price to more than 141.00, following a key economic news release. The pair printed a higher high during the last upside move on the graph therefore technical bias might remain bullish.
GBP/JPY: Technical Analysis
As of now, the GBPJPY is being traded for the figure quoted around 141.53 with two trend lines resistance and one horizontal resistance level coming ahead. The price might first hit a trend line resistance near 142.24, and then 144.49, both of these trend lines may acts as strong resistance levels and might make it difficult for the price to pass through them. The major horizontal resistance level is likely to come into play around 148.86 as shown in the graph below.
On the downside, the support levels may be seen around 137.70, the key horizontal support level which may help the price to stay above the said level, ahead of 135.06, which is a Fibonacci level and then 127.15, the trend line support might prevent the price from decreasing further as shown in the graph above.
GBP Gross Domestic Product
From the Fundamental point of view, The GDP record released by the National Statistics gages the all-out estimate of all considerations and benefits created by the United Kingdom. GDP is considered to be an expansive share of the financial activities of the UK. As a rule, 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.
The GBPJPY might have a bullish trend ahead, therefore, trading the pair around current levels may be a good decision for a short to medium term.
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