GBPJPY Stays in Confinement Indicating Sideways Bias Beneath 135.00 Level

GBPJPY Price Analysis – July 19

GBPJPY holds at a level of 134.45 after easing its directional movement in the prior session, as the pair is now confined to the price channel indicating sideways bias beneath the 135.00 marks. To confirm further growth, the asset has to breach the moving averages and the upside border of the channel to fix beyond level 135.76.

Key Levels
Resistance Levels: 147.95, 139.74, 136.35
Support Levels: 133.79, 131.75,129.29
GBPJPY Long term Trend: Ranging
Last week, GBPJPY held beneath 135.76 level in consolidation and the trend is intact. First this week the initial bias stays neutral. Yet more growth may be in support as long as it maintains a level of 133.79 minor support.

On the upside beyond level 135.76 may expand the recovery from level 131.75 to high level 139.74. Similarly, a breach of the level of 133.79 may propose that the recovery is over. Instead, the intraday bias is pulled back to the downside for support level 131.75.
GBPJPY Short term Trend: Ranging
Despite the absence of directional momentum, the short-term oscillators look biased towards sideways. The RSI is slightly beyond 40 and is moving to a neutral threshold.

GBPJPY displays a short-term neutral bias, and an initial breach of either level 136.35 or level 131.75 may restart a fresh trajectory.

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