GBPJPY Trims Gains at 140.45 Level on Brexit Fears

GBPJPY Trims Gains at 140.45 Level on Brexit Fears

GBPJPY Price Analysis – December 2

GBPJPY trades beneath 140.45 level after the EU’s Barnier said that a Brexit deal hangs in the balance and that three issues remain open. The pair trim gains at 140.45 level while easing to 139.33 level, down 0.01% intraday, during the European session on Wednesday.

Key Levels
Resistance Levels: 142.71, 140.31, 139.74
Support Levels: 138.38, 137.50, 134.40
GBPJPY Long term Trend: Ranging
In light of the recent price action, GBPJPY is expected to face important support in the 138.38/139.00 band. The price action is, so far, at the time of writing, leaving a wick that on the daily time frames would be expected to be filled in by a bearish price plunge towards 139.00 level.

In the larger context, the increase from the 123.99 level is seen as a rising phase of the sideway ranging trend from 122.75 (low) level. As long as the 147.95 resistance level holds, an eventual downside breakout stays in consideration. However, a firm breach of the 147.95 level may increase the chance of long term bullish reversal.
GBPJPY Short term Trend: Ranging
The intraday bias in GBPJPY is back in consolidation at this point. A breach of 140.31 level will restart the total recovery from 133.04 level and aim a test on 142.71 high level. On the downside, however, a breach of the 138.38 level may argue that the trend from the 142.71 level is starting another falling cycle.

GBPJPY intraday bias may be altered back to the downside for 134.40 support level and possibly beneath. With the 4 hour RSI line far from extreme conditions, the latest pullback from the crucial resistance is likely to push the GBPJPY sellers towards the November 25 low of 139.00 level.

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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.