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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
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