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11 Jul 2018
GBP/JPY Technical Analysis: Guppy taking a step back on trade concerns
- Guppy knocking back on renewed risk aversion as US-China trade war ramps up.
- Higher timeframes show the pair marking in higher highs, buyers likely to make a resurgence near Fibo retracement levels.
- Tuesdays first-ever monthly GDP reading came in at expectations (0.3%), but Manufacturing and Industrial Production figures disappointed.
GBP/JPY Chart, 15-Minute
| Spot rate: | 147.02 |
| Relative change: | -0.14% |
| High: | 147.35 |
| Low: | 146.78 |
| Trend: | Bullish |
| Support 1: | 146.69 (61.8% Fibo retracement level) |
| Support 2: | 146.02 (current week low) |
| Support 3: | 145.18 (previous week low) |
| Resistance 1: | 147.35 (current day low) |
| Resistance 2: | 147.78 (current week high) |
| Resistance 3: | 147.98 (June 12th swing high) |