Forex Trading: GBPJPY Technical Analysis – October 22, 2019
The Great Britain Pound (GBP) inched high 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 remain bullish since the pair’s value indicated a higher high in the recent upside move.
GBP/JPY Technical Analysis
Currently, the pair is being traded around 140.79 Immediate trendline resistance can be witnessed around 143.07, ahead of 143.32 the 61.8% Fib level and then the major horizontal resistance can be noted at 153.83 which may cause hurdle in the path of moving over this level, as demonstrated in the given chart.
On the downside, At 23.% Fib level support that prevents the price from the backing can be seen around 137.73, ahead of 136.43, the trendline support and then at 133.98, the significant horizontal support as exhibited in the given above chart. The technical bias will remain bullish as long as 137.73, the key horizontal support level flawless.
GBP Consumer Price Index
in the United Kingdom, the figure concerning the CPI is 1.7% in October, equivalent to the month prior to it, while down beating the economist expectation of 1.8%.
The Consumer Price Index is a proportion of price movement by the correlation between the retail costs of a delegate shopping container of merchandise and enterprises. The buy intensity of GBP is dragged down by inflation. The CPI is a key indicator to quantify inflation and changes in obtaining patterns. By and large, a high perusing is viewed as positive (or bullish) for the GBP, while a low perusing is viewed as negative (or Bearish).
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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