GBP/JPY Technical Analysis: Testing 148.00 early

The GBP/JPY pair is popping to test the 148.00 key barrier early on Wednesday after headlines broke that the UK and the EU may be much closer to achieving a workable trade deal than previously thought.
Overbought readings are beginning to show on intraday indicators, implying the bullish push may face some downward pressure before the trend can resume.
Wednesday will also be seeing inflation data for the UK at 08:30 GMT, and GBP traders should be braced for a bearish turnaround if the numbers fail to meet expectations.

Joshua Gibson FXStreet

GBP/JPY Chart, 15-Minute

Spot rate	147.88
Relative change	0.11%
High	148.01
Low	147.60

Trend	Bullish

Support 1	147.20 (50-hour EMA)
Support 2	146.32 (current week low)
Support 3	145.84 (200-hour EMA)

Resistance 1	148.00 (major technical level)
Resistance 2	149.31 (July swing high)
Resistance 3	150.00 (major technical level; May swing high)

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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