GBP/JPY Tests Double Top – Buckle up for a Sell Trade

The British pound originally dropped during the trading session yesterday, but then returned around to overcome quite nicely. The market broke over the 143.950 level, as the British employment numbers came out better than expected.

There are several speculators out there that are working to figure out whether or not the Bank of England is planning to cut interest rates at the end of the month. All things being constant, this is a business that is in an uptrend nevertheless, and that is apparently the most significant thing to pay attention to here.

Consequently, the GBP/JPY currency pair is trading with a bullish bias. On the technical front, the pair is facing an immediate resistance around 144.315, which is keeping the weight on GBP/JPY.

GBP/JPY – Technical Levels
Support Resistance
142.86 143.94
142.34 144.5
141.26 145.58
Key Trading Level: 143.42

The RSI is holding at 70, suggesting chances of a bullish trend in GBP/JPY. A bullish breakout of this level can extend buying until 144.750 and 145.10 today. While the closing of candles below 144.350 can drive selling until 144.450. Good luck!