GBP/JPY Price Analysis: Portrays bullish pennant below 139.00 ahead of BOE


  • GBP/JPY marks repeated pullbacks from 138.60 following its bounce off 138.47.
  • RSI conditions support the bullish chart pattern but BOE could become a spoiler.
  • An upside clearance of 139.00 will attack the 140.0 threshold.
  • An ascending trend line from June 30, 200-bar SMA may please sellers.

GBP/JPY seesaws around 138.55/60 before the UK markets open for “Super Thursday.” The pair prints a bullish formation ahead of the Bank of England (BOE) monetary policy meeting.

Read: When is the Bank of England rate decision and how could it affect GBP/USD?

RSI is in favor of the bullish pennant to suggest the pair’s rally to 140.00, on the break of 139.00. However, the pair’s further upside will not hesitate to challenge the early-February low near 140.92.

In a case where the bulls remain strong past-140.92, 141.00 may offer an intermediate halt during its northward trajectory towards February 18 low near 142.30 and February 2020 high near 145.00.

Meanwhile, a disappointment from the BOE, which can’t be ruled out, may drag the pair below the immediate support line below 138.40. The same will defy the bullish pattern and can fetch the quote to a five-week-old support line around 136.35.

Should the bears refrain from respecting 136.35, a 200-bar SMA level of 135.16 may gain the market attention.

GBP/JPY four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 138.59
Today Daily Change 0.10
Today Daily Change % 0.07%
Today daily open 138.49
 
Trends
Daily SMA20 136.12
Daily SMA50 135.2
Daily SMA100 133.91
Daily SMA200 137.52
 
Levels
Previous Daily High 139.01
Previous Daily Low 138.04
Previous Weekly High 139.21
Previous Weekly Low 135.15
Previous Monthly High 139.21
Previous Monthly Low 132.95
Daily Fibonacci 38.2% 138.64
Daily Fibonacci 61.8% 138.41
Daily Pivot Point S1 138.02
Daily Pivot Point S2 137.55
Daily Pivot Point S3 137.06
Daily Pivot Point R1 138.99
Daily Pivot Point R2 139.48
Daily Pivot Point R3 139.95

 

 

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