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GBPJPY Analysis: Current Levels and Potential Scenarios
After an unsuccessful attempt to surpass the 191.30 resistance, GBPJPY is currently testing the 190.20 support level.
A breach beneath this support could prompt a further decline towards the 189.02 support level, with a potential target zone around 188.00.
Nevertheless, as long as the 189.20 support remains intact, there is a possibility of a renewed ascent towards retesting the 191.30 resistance. A breakout above this level could signify the continuation of the uptrend originating from 185.21, with the subsequent target likely situated around the 193.00 area.
GBPJPY Analysis: Key Levels to Watch for Potential Trend Movements
GBPJPY is currently encountering resistance at the 191.30 level. A breakthrough above this point could indicate a continuation of the uptrend from 185.21, with the next target potentially located around the 193.00 area.
The initial support level stands at 190.20. If this level is breached, it may initiate another descent towards testing the 189.02 support level. Further downside movement could target the 188.00 area.
EURGBP DAILY CHART
Higher red AT lines off the low show some risk on the upside but would need to get through the top of the current .8528-78 range to expose .8593-/8621
However, to confirm a break in trend, the key trendline (see chart) would need to be taken out.
Looking at shorter time frames, support at .8550-55 would need to hold to keep a bid.
The bounce in EURUGBP is one reason why EURUSD is finding some suppot.
Week Ahead: EURGBP
EURGBP Daily Chart
The consolidation range is clear at .8498-.8578
This suggests .8500 will remain pivotal as only a firm break would open the door to another leg down.
On the other hand, only a firm break of .8578 would suggest the low is in for now/
Why am I highlighting EURGBP?
1) If you trade EURUSD and/or GBPUSD, you need to keep an eye on EURGBP as flows involving this cross often have an impact on price moves in EURUSD and GBPUSD
2) Month end (Feb 29): I have observed increased activity in EURGBP at month end, which in turn often sees erratic flows not only in the cross but in EURUSD and GBPUSD. So keep a close eye at month end as it can offer trading opportunities in respective pairs as well as in EURGBP. In this regard, watch price action throughout the day but especially leading up to and around the 4 PM London fixing.
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