GBP/JPY Price Analysis: Pound extends rally, likely to test again key level at 138.00

Pound jumps on Brexit latest developments, add to gains.
GBP/JPY looks at the 138.00 area that capped the upside earlier in October.

Matías Salord FXStreet

The GBP/JPY pair rose sharply over the last hours extending gains after it was reported that Brexit talks are set to resume aiming for a deal by mid-November. The pound soared across the board, extending the positive momentum.

The daily chart shows GBP/JPY moving with a positive trend in the short-term after finding support on the 20-day moving average that stands today at 136.35. A daily close below would expose the uptrend line at 135.80; with a break lower negating the bullish bias.

On the upside, the next strong barrier is seen slightly below 138.00, a horizontal resistance and also the 55-day moving average. A close above would suggest more gains ahead targeting the 139.00 area (intermediate resistance at 138.60).

GBP/JPY daily chart

GBP/JPY

Overview
Today last price	137.49
Today Daily Change	0.89
Today Daily Change %	0.65
Today daily open	136.6

Trends
Daily SMA20	136.23
Daily SMA50	137.59
Daily SMA100	136.58
Daily SMA200	136.39

Levels
Previous Daily High	137.03
Previous Daily Low	136.33
Previous Weekly High	137.86
Previous Weekly Low	135.4
Previous Monthly High	142.72
Previous Monthly Low	133.05
Daily Fibonacci 38.2%	136.6
Daily Fibonacci 61.8%	136.77
Daily Pivot Point S1	136.28
Daily Pivot Point S2	135.96
Daily Pivot Point S3	135.58
Daily Pivot Point R1	136.98
Daily Pivot Point R2	137.36
Daily Pivot Point R3	137.68

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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