Forex Trading: GBPJPY Technical Analysis – October 31, 2019
The Great Britain Pound (GBP) fell against the Japanese Yen (JPY) on Thursday, decreasing the price of GBPJPY to less than 141.00 after several major economic releases. The technical bias can remain bullish as the pair’s price marked a lower high peak in the recent downside move.
GBP/JPY Technical Analysis
Currently, the pair is being traded around 140.01. The immediate trendline support can be seen approximately 138.30, ahead of 135.35, the 32.8% Fib level support and then 131.75, the major horizontal support that prevents the price from falling below, as shown in the graph.
Speaking about the upside, immediate resistance can be found at nearly 140.34, the 61.8% Fib level, ahead of 141.51, the trendline resistance, and then comes 148.86, a significant horizontal resistance as shown in the chart above. The technical bias will remain bullish as long as 140.34 remains the key level of horizontal support.
GBPGfK Consumer Confidence
The Gfk Groups announced on October 31 that the Consumer Confidence index dropped to -14, lower than the -12 of last month, also reducing the expectations of the economist, which was -13.
The Consumer Confidence GfK Group is a leading index that measures the rate of consumer trust in economic activity. A high level of consumer confidence drives economic expansion while the economic downturn is powered by a low level. A high reading is usually positive for GBP, whereas a low reading is bearish.
Considering the pair’s overall market activity over the past couple of days, purchasing GBPJPY at current levels can be a reasonable short to medium term decision. Since trading requires a number of other elements to remain safe, such as broker selection, trading platform, leverage rates, negative balance protection, etc. Exploring comparative websites can, therefore, help you achieve your desired result.