GBPJPY Upside Pressure Stays Capped Under 136.00 Level on Persistent Brexit Uncertainties


GBPJPY Price Analysis – November 8

The strong buying pressure in the British pound pushed the GBPJPY cross to fresh session highs, around the 137.38 regions in the last session, albeit the pair retraced and stays capped under the psychological mark at 136.00 level. The persistent Brexit-uncertainties undermines the British pound and prevents any meaningful push on the cross.

Key Levels
Resistance Levels: 144.95, 138.38, 136.62
Support Levels: 134.40, 133.04, 131.75
GBPJPY Long term Trend: Ranging
GBPJPY remained sideways for most of the prior week, consolidating gains beyond 135.00 after rising on Friday. The pair rallied to 137.84 level, reaching the top of the weekly trading range at 137.38 level, which is still unchanged and stays the high of last week.

In a broader context, the rise from the 123.99 level is seen only as the upward phase of the sideways consolidation pattern from the 122.75 (low) level. As long as the resistance level of 147.95 stays, a possible breakdown stays in support. However, a solid breach of the 147.95 level would increase the likelihood of a long-term bullish reversal.
GBPJPY Short term Trend: Ranging
Last week GBPJPY stays sideways between 134.40 and 137.83 levels and the trend was unaltered. Initial bias stays neutral this week. As long as the resistance level of 137.83 holds, further decline stays in view.

Beneath the temporary low of 134.40 level, the pair may aim the support level of 133.04 level. Its breach may restart the stronger decline from 142.71% to 61.8%, from 123.99 to 142.71 at 131.75 levels. A close beneath 135.00 level and more importantly beneath the prior low of 134.00 level may trigger another bearish extension towards the 131.75-131.11 area.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing result

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.