GBPJPY Technical Analysis – July 9, 2021

GBPJPY fell on Thursday, and the technical bias is bearish due to lower lows in the recent downtrend.

The pair is currently trading near 151.478, and multiple resistance levels can be seen which may prevent the price from rising.

  • Resistance level 1: 151.740
  • Resistance level 2: 152.300
  • Resistance level 3: 152.750

Below the price, multiple support level can be seen which may prevent the price from falling.

  • Support level 1: 150.700
  • Support level 2: 150.300
  • Support level 3: 150.000

The United Kingdom will announce the May GDP statistics. Higher data will indicate higher value of the British pound. Therefore, it is positive for the GBPJPY currency pair, and vice versa.

Looking at the current price trend and economic development it may be a good trading choice to sell the GBPJPY currency pair near the current level.