GBPJPY Dumps Beneath 139.00 Level As Brexit Uncertainty Continues to Hurt Pound Sterling

GBPJPY Dumps Beneath 139.00 Level As Brexit Uncertainty Continues to Hurt Pound Sterling

GBPJPY Price Analysis – November 29

GBPJPY is faced with sellers’ pressure as it stays depressed beneath the 139.00 level and ended the prior session at the lows around the 138.28 regions. The pair dumps after being weighed by the ongoing uncertainty about the Brexit negotiations adding negative pressure to the pound sterling.

Key Levels
Resistance Levels: 142.71, 140.31, 139.74
Support Levels: 138.38, 137.50, 134.40

GBPJPY Long term Trend: Ranging
As seen in the daily chart, the pair bounced off the support at 138.38 on the horizontal line from November 9th. The 138.00 and 137.20 levels (Nov 19 low) may be in focus below. On the other hand, immediate resistance is at 139.74 and above, at 140.31 (Nov 11 high).

In a longer-term context, a deviation from the resistance area at 140.00 indicates a long-term bearish trend in the cross. However, a sustained breakout of the 143.31 resistance level would weaken this view and could open further gains to 144.95 (February 2020 high).

GBPJPY Short term Trend: Ranging
GBPJPY rebounded strongly in the previous week but failed to break the 140.31 resistance level. The short-term trend is mixed and the initial bias remains neutral this week. On the other hand, a break of 140.31 could resume the general bounce from 133.04 and target the 142.71 high.

On the other hand, a break of the 137.20 level could indicate that the trend from 142.71 is starting a new phase of decline. Intraday drift could shift back downward towards support at 134.40 and possibly lower.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.