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Technical analysis of GBP/JPY for November 04, 2016

GBPJPYM30.png

GBP/USD is expected to trade with bullish bias. The pair recorded a succession of higher tops and higher bottoms and is trading on the upside. The rising 20-period and 50-period moving averages are playing support roles and maintain the upside bias. The relative strength index is above its neutrality area at 50 and lacks downward momentum. Additionally, 127.55 represents a significant key support level, which should limit the downside potential. The British pound was boosted by a ruling by U.K. High Court judges that the prime minister could not trigger the formal Brexit process without Parliament's backing. Further fueled by the Bank of England's hints on ceasing interest rate cuts

As long as 127.55 holds on the downside, look for a further upside toward 129.05 and even 129.60 in extension.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 129.05 and the second one at 129.60. In the alternative scenario, short positions are recommended with the first target at 126.80 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 126.45. The pivot point lies at 127.55.

Resistance levels: 129.05, 129.60, 130.50

Support levels: 126.80, 126.20, 125.60

The material has been provided by InstaForex Company - www.instaforex.com