GBPJPY Technical Analysis – May 05, 2021

The GBPJPY currency pair rebounded after falling on Tuesday. The technical bias is bullish due to higher lows in the recent uptrend. 

The pair is currently trading around 151.950, and multiple resistance levels can be seen above which may prevent price from rising further. 

  • Resistance level 1: 152.400
  • Resistance level 2: 152.850
  • Resistance level 3: 153.350

Below the price, multiple support levels can be found, which may help the price stay above that level. 

  • Support level 1: 151.660
  • Support level 2: 151.200
  • Support level 3: 150.800

the Bank of England will announce the latest interest rate resolution and benchmark interest rate on Thursday, which may have a significant impact on the price of the Pound. Hawkish remarks and rising interest rates indicate that it is beneficial to the pound, so the Pound-Japanese currency pair is bullish, and vice versa. 

In the view of the current price trend and economic development, it may be a good choice to buy the GBPJPY currency pair near the current level.