HomeAnalysis NewsForex Trading: GBPJPY Technical Analysis – October 01, 2019

Forex Trading: GBPJPY Technical Analysis – October 01, 2019

1 October 2019 By Galina Mikova

The Great Britain Pound (GBP) scales up against the Japanese Yen (JPY) on Tuesday,  increasing the price of GBPJPY to more than 132.00 following some major economic releases. The technical bias may turn bearish since the pair’s price marked a higher low in the recent upside move.

GBP/JPY Technical Analysis

Currently, the pair is being traded around 132.96.  A trendline resistance can be witnessed around 135.02, ahead of 140.29, the 61.8% Fib level resistance and then comes 148.86  the key horizontal resistance as demonstrated in the given chart.

GBPJPY 01 Oct 2019.

On the downside,  a support can be seen around 132.25,  the trendline support ahead of 130.11, the 61.8% Fib level and then comes 126.68, the key horizontal support as demonstrated in the given above chart. The technical bias shall remain bearish as long as 135.02, 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.