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  • 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.

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)

 

Expert score

5

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