GBPJPY Trends Beneath Fresh Bearish Pressure Around the Level at 143.00

GBPJPY Trends Beneath Fresh Bearish Pressure Around the Level at 143.00

GBPJPY Price Analysis –  February 26

At the beginning of the European session on Wednesday, the GBPJPY cross weakened below the level of 143.00 and fell to the bottom of its weekly trading. BREXIT and the British pound, which was also fueled by the diverging position of the United Kingdom regarding its future commercial relations with the European Union, continued to play a defensive role.

Key Levels
Resistance Levels: 148.66, 147.95, 144.60
Support Levels: 142.00, 135.49, 126.54

GBPJPY Long term Trend: Bullish

The immediate support is close to the region of 142.63-32 levels, where the cross can be exposed to slide beneath the 142.00 level and its next main support can be tested near the 141.24 level.

On the other hand, any significant positive backward movement after the level of 143.00 now seems to have a new offer close to the level of 143.50 and is likely to remain limited.

GBPJPY Short term Trend: Ranging

GBPJPY’s intraday bias is initially neutral. Overall, the consolidation continues to take place from 144.95 level and may continue in the short term.

On the other hand, breaking 142.32 level may change the downside bias for 140.92 level and beneath. On the upside, past the 144.95 would bring retest of 147.95.

Instrument: GBPJPY
Order: Buy
Entry price: 143.00
Stop: 142.00
Target: 144.60

Note: Learn2Trade.com 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 results

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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.