GBP/JPY Price Analysis: Surges above the 183.90 area following UK GDP data

GBP/JPY edges higher to 183.90 following the UK GDP data.
The cross trades within an ascending trend-channel since August 4.
GBP/JPY’s key resistance emerges at 184.00; the initial contention level to watch is at 183.20.

Lallalit Srijandorn FXStreet

The GBP/JPY cross gains ground in positive territory for the fifth consecutive day, heading into the early European session on Friday. The cross currently trades near 183.90, up 0.24% for the day.

The latest data released by the UK’s Office of National Statistics (ONS) showed that the quarterly Gross Domestic Product (GDP) for the United Kingdom came in at 0.2% in Q2, against the market expectation of 0%. Meanwhile, the GDP MoM for June arrived at 0.5% vs. 0.2% prior.

According to the one-hour chart, the GBP/JPY trades within an ascending trend-channel since August 4. The cross stands above the 50- and 100-hour Exponential Moving Averages (EMAs) with an upward slope, which means the further upside looks favourable for the cross.

That said, GBP/JPY’s key resistance emerges at 184.00, highlighting a confluence of a psychological round mark and a high of July 6. A decisive break above the latter could pave the way to the YTD high at 184.25. Any meaningful follow-through buying will see the next stop at 184.55 (the upper boundary of an ascending trend-channel) en route to 185.00 (a round figure).

On the downside, the initial contention level to watch is at 183.20 (50-hour EMA). The critical support level is located at 182.80, a convergence of the lower limit of the ascending trend-channel and the 100-hour EMA. Further south, the cross will see a drop to 182.00 (a psychological round figure) and 181.40 (the low of August 8).

The Relative Strength Index (RSI) is located in bullish territory above 50, highlighting that further upside cannot be ruled out.

GBP/JPY one-hour chart

GBP/JPY

Overview
Today last price	183.61
Today Daily Change	0.14
Today Daily Change %	0.08
Today daily open	183.47

Trends
Daily SMA20	181.65
Daily SMA50	180.66
Daily SMA100	174.44
Daily SMA200	168.52

Levels
Previous Daily High	184.25
Previous Daily Low	182.69
Previous Weekly High	183.25
Previous Weekly Low	180.46
Previous Monthly High	184.02
Previous Monthly Low	176.32
Daily Fibonacci 38.2%	183.65
Daily Fibonacci 61.8%	183.28
Daily Pivot Point S1	182.69
Daily Pivot Point S2	181.91
Daily Pivot Point S3	181.13
Daily Pivot Point R1	184.25
Daily Pivot Point R2	185.03
Daily Pivot Point R3	185.81

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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