#GBPJPY @ 166.115 The GBPJPY extended its gains and reached a fresh weekly high of around 166.45. (Pivot Orderbook analysis)

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• The GBPJPY extended its gains and reached a fresh weekly high of around 166.45.
• For the GBPJPY buyers to invalidate the head-and-shoulders pattern, they must reclaim 169.00.
• GBPJPY’s fall below 165.30 would keep the head-and-shoulders pattern in play.

The pair currently trades last at 166.115.

The previous day high was 166.4 while the previous day low was 164.7. The daily 38.2% Fib levels comes at 165.75, expected to provide support. Similarly, the daily 61.8% fib level is at 165.35, expected to provide support.

The GBPJPY rises for the fourth consecutive day, threatening to invalidate a head-and-shoulders chart pattern formed in the daily chart, as the exchange rate surpasses the neckline as the cross pushes above the 165.00 mark. At the time of writing, the GBPJPY is trading at 166.37, above its opening price by 0.10%, after hitting a daily low of 165.17.

The GBPJPY shifted from neutral-to-downward to upward-biased once the cross-currency pair achieved two conditions: reclaimed the 50-day Exponential Moving Average (EMA) and broke above the head-and-shoulder pattern neckline, which is still in play. That said, the GBPJPY consolidates on top of the neckline but remains unable to crack the weekly high of 166.40. The Relative Strength Index (RSI) is almost flat ath the 50-midline, suggesting the pair would remain sideways.

Therefore, the GBPJPY’s first resistance area would be the 166.45 area. Once cleared, the next supply zone would be the 167.00 psychological level, followed by the November 8 swing high at 169.08, invalidating the head-and-shoulders chart pattern.

On the flip side, if GBPJPY sellers want to reclaim the head-and-shoulders neckline, they need to break below 165.30. A breach of the latter would send the pair diving to the 165.00 figure, followed by key support levels, like the 50-day EMA at 164.88 and the 100-day EMA at 163.94.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 166.44 at the time of writing. Pair opened at 166.16 and is trading with a change of 0.17 % .

The pair is trading below its 20 Daily moving average @ 167.68, above its 50 Daily moving average @ 164.89 , above its 100 Daily moving average @ 163.96 and above its 200 Daily moving average @ 162.24

The previous day high was 166.4 while the previous day low was 164.7. The daily 38.2% Fib levels comes at 165.75, expected to provide support. Similarly, the daily 61.8% fib level is at 165.35, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 165.11, 164.06, 163.41
• Pivot resistance is noted at 166.8, 167.45, 168.5

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