Forex Trading: GBPJPY Technical Analysis – October 15, 2019
The Great Britain Pound (GBP) jumped up the Japanese Yen (JPY) on Tuesday, taking up the price of GBPJPY to more than 137.00 after some major economic news released. The technical bias may turn bullish since the pair’s value denoted a higher high in the recent upside move.
GBP/JPY Technical Analysis
Currently, the pair is being traded around 137.08. Immediate key horizontal resistance can be witnessed around 137.69, ahead of 139.61 the trendline resistance and then at the 61.8% Fib level, resistance can be noted at 140.33 which may cause hurdle in the path of moving over this level, as demonstrated in the given chart.
On the downside, A trendline support which prevent the price from the backing, can be seen around 136.53, ahead of 135.89, the 61.8% Fib level and then comes 132.33 the significant horizontal support as exhibited in the given above chart. The technical bias will remain bearish as long as 137.69, the key horizontal resistance level flawless.
GBP ILO Unemployment Rate (3M)
The GBP ILO unemployment rate released by the National Statistics will reamained the same i.e. 3.8% beating the economist expectation.
The ILO Unemployment Rate is the number of jobless specialists isolated by the non-military personnel workforce. It is the main marker for the UK Economy. On the off chance that the rate is up, it demonstrates an absence of extension inside the U.K. work showcase. Subsequently, an ascent prompts debilitate the U.K. economy. By and large, a decline of the figure is sure (or bullish) for the GBP, while expansion is negative.
Considering the overall price in the course of the most recent few days, selling the GBPJPY around current levels can be a better choice in the short to medium term.
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