Forex Trading: GBPJPY Technical Analysis – November 05, 2019
The Great Britain Pound (GBP) appreciated the Japanese Yen (JPY) on Tuesday, bringing the price of GBPJPY to more than 140.00 after some major economic news released. The technical bias may remain bullish since the pair’s price indicated a higher high in the recent upside move.
GBP/JPY Technical Analysis
Currently, the pair is being traded around 140.48, the immediate resistance can be witnessed around 140.45 at 61.8% Fib level, ahead of 142.13 the trendline resistance and then the major horizontal resistance can be noted at 148.86 which may cause hurdle in the path of moving over this level, as demonstrated in the given below chart.
On the downside, Immediate trendline support that prevents backing prices can be seen at 138.01, ahead of 137.97, 23.6% Fib level support, and then at 133.98, the major horizontal support as shown in the above graph. The technical bias will remain bullish as long as 137.97, the key horizontal support level remains unchanged.
GBP Markit Construction PMI
In the United Kingdom, the news released by the Chartered Institute of Purchasing & Supply and Markit Economics reported the Markit Construction PMI i.e 44.2 this month, tumbling from the previous month’s 43.3 records, down from the economist expectation of 43.
The PMI Construction demonstrates the UK construction sector’s market conditions. It should be noted that the construction sector does not affect the GDP as much as the manufacturing sector does, either positively or negatively, resulting in values above 50 signals appreciating (or bullish) the GBP, and vice-versa
Considering the overall price in the course of the most recent few days, purchasing the GBPJPY around current levels can be a better choice in the short to medium term.
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