GBP/JPY Tests Double Top – Buckle up for a Sell Trade - Forex News by FX Leaders

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

Posted Wednesday, January 22, 2020 by
Arslan Butt • 1 min read

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!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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