GBPJPY Trades Near Lows Around the 137.00 Level As Anxiety of No-Deal Brexit Undermines the Pound

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Azeez Mustapha

Updated: 13 October 2022

GBPJPY Price Analysis – September 9

The GBPJPY pair retained its selling bias into the American session through the mid-European and was last seen trading beneath the low mark of 137.00. Anxieties over Brexit trade negotiations have continued to undermine the pound, which has lost some extra ground.

Key Levels
Resistance Levels: 147.95, 144.95, 142.71
Support Levels: 137.84, 135.74, 134.12
GBPJPY Long term Trend: Ranging
Since the start of the week, the GBPJPY pair has tumbled more than 300 pips. It recently reached the lowest level under the 137.00 mark. In the larger context, a growth from level 123.99 is seen as an upswing from level 122.75 (low) of the sideway consolidation trend.

As lengthy as resistance level 147.95 retains, there stays an impending downside breakout per the opinion. A strong breach of 147.95 level, after all, may increase the risk of a long-term bullish reversal. Validation of the emphasis may then be shifted to the resistance level 156.59.
GBPJPY Short term Trend: Bearish
At this moment, the intraday bias within GBPJPY stays on the downside. The current decline from level 142.71 should target a retracement of 38.2 percent from 123.99 to 142.71 at levels 135.74. After this, interactions might well determine whether entire growth from level 123.99 has been finished.

Upside, the lower resistance level beyond 138.38 level may initially alter intraday bias neutral. The region at the GBPJPY level of around 138.00 is the initial support. A consolidation beneath may posits further vulnerability going forward, aiming the region of 137.84.

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