GBP/JPY Technical Analysis: bears push to take out resistance near 148.00

The rising trendline continues to bolster prices higher, but bullish momentum remains capped at last technical top.
A positive beat to CPI figures for the UK on Wednesday will see the pair break into new highs.
Brexit voting in UK parliament has gone to PM Theresa May so far.

Joshua Gibson FXStreet

GBP/JPY Chart, 1-Hour

Spot rate: 147.87
Relative change: 0.21%
High: 147.89
Low: 147.52

Trend: Bullish

Support 1: 147.15 (Wednesday low)
Support 2: 146.52 (current week low)
Support 3: 146.24 (1-week Fibonacci retracement level)

Resistance 1: 148.11 (technical top; two-week high)
Resistance 2: 149.13 (61.8% Fibonacci expansion level)
Resistance 3: 150.00 (previous month's high; major psychological handle)

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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