The GBPJPY pair has increased to 183.90 from 184.016 after the release of the UK GDP data.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• GBP/JPY edges higher to 183.90 following the UK GDP data.

The pair currently trades last at 184.016.

The previous day high was 184.25 while the previous day low was 182.69. The daily 38.2% Fib levels comes at 183.65, expected to provide support. Similarly, the daily 61.8% fib level is at 183.28, expected to provide support.

The GBP/JPY cross gains ground in positive territory for the fifth consecutive day, heading into the early European session on Friday. The cross currently trades near 183.90, up 0.24% for the day.

The latest data released by the UK’s Office of National Statistics (ONS) showed that the quarterly Gross Domestic Product (GDP) for the United Kingdom came in at 0.2% in Q2, against the market expectation of 0%. Meanwhile, the GDP MoM for June arrived at 0.5% vs. 0.2% prior.

According to the one-hour chart, the GBP/JPY trades within an ascending trend-channel since August 4. The cross stands above the 50- and 100-hour Exponential Moving Averages (EMAs) with an upward slope, which means the further upside looks favourable for the cross.

That said, GBP/JPY’s key resistance emerges at 184.00, highlighting a confluence of a psychological round mark and a high of July 6. A decisive break above the latter could pave the way to the YTD high at 184.25. Any meaningful follow-through buying will see the next stop at 184.55 (the upper boundary of an ascending trend-channel) en route to 185.00 (a round figure).

On the downside, the initial contention level to watch is at 183.20 (50-hour EMA). The critical support level is located at 182.80, a convergence of the lower limit of the ascending trend-channel and the 100-hour EMA. Further south, the cross will see a drop to 182.00 (a psychological round figure) and 181.40 (the low of August 8).

The Relative Strength Index (RSI) is located in bullish territory above 50, highlighting that further upside cannot be ruled out.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 183.61 at the time of writing. Pair opened at 183.47 and is trading with a change of 0.08 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 181.65, 50 SMA 180.66, 100 SMA @ 174.44 and 200 SMA @ 168.52.

The previous day high was 184.25 while the previous day low was 182.69. The daily 38.2% Fib levels comes at 183.65, expected to provide support. Similarly, the daily 61.8% fib level is at 183.28, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 182.69, 181.91, 181.13
• Pivot resistance is noted at 184.25, 185.03, 185.81

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group

Share this:

• Facebook
• X

Like this:

Like Loading...