GBP/JPY Price Forecasts: Pound holds gains right below the 213.70 resistance area
The British Pound (GBP) is trading practically flat against the Japanese Yen (JPY) on Thursday, right below one-week highs around 213.70. The Sterling has shrugged off soft UK CPI data released on Wednesday and investors’ concerns about the UK labour Cabinet’s weakness, and rallies 0.85% so far this week.
GBP/USD Technical Analysis
Technically, it makes sense to start with the key support level at $1.3382 that has continued to hold even after hours of the price sitting heavily on it yesterday. This is a bullish sign. Yesterday’s NVIDIA earnings data sent the price sharply higher within an hour or two, sending the price to a new weekly high at $1.3462, before the price gently but progressively sold lower from there. That level has acted as key support recently, so it looks likely to be significant – it comes from the daily chart.
Another bullish factor is the new higher support level which I have drawn at $1.3417, but this
#nzdchf: Strong Bullish Patterns 🇳🇿🇨🇭
I see 2 strong bullish patterns on 📈NZDCHF after a test
of a recently broken horizontal structure.
The price formed a double bottom pattern on that,
bounced and violated a resistance line of a bullish flag.
We can expect that the market will continue rising now.
Goal - 0.4622
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1H time frame
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💹 GBP/JPY Trading Setup 💹
BUY if price closes above 213.620
🚫 SL: 213.520
🎯 TP1: 213.900
🎯 TP2: 214.210
━━━━━━━━━━━━━━━
🔴 SELL if price closes below 213.300
🚫 SL: 213.400
🎯 TP1:213.080
🎯 TP2: 212.820
📊 Analysis:
GBP/JPY is moving inside a key breakout zone. A strong candle close above 213.620 may confirm bullish momentum toward higher resistance levels. On the bearish side, a break below 213.300 could signal selling pressure continuation toward lower support zones. Wait for candle confirmation before entry to avoid false breakouts.
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The finish line does not care how many times you stumbled. It only cares that you kept moving.
GOLD (#xauusd) is in a Bearish Structure Now 🥇
According to a price action analysis, 📉Gold is now trading in a downtrend
after a new lower low close formation on a daily time frame this week.
The market is positioned to drop lower and reach the 4380 level soon.
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Daily time frame
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GBP/USD was trading at 1.3428 on Thursday, following a period of volatility after the release of UK inflation data, which came in weaker than expected despite geopolitical tensions over Iran and rising oil prices.
The UK Consumer Price Index (CPI) slowed to 2.8% in April, down from 3.3% in March, while the market had anticipated a reading of 3%.
The market interpreted these figures as a signal that the Bank of England may not need to raise interest rates aggressively in the near term. This has reduced expectations of further tightening and weighed on the pound.
Get more news.t.me/fZRSUIAnrZ83YjU0
📊 MARKET UPDATE: GOLD / XAUUSD 📊
Gold is currently trading around the H4 + H1 support breakout zone near 4520, where the market is testing an important reaction area after the recent bearish pressure.
As long as price manages to hold above the 4450 support zone, buyers still have the opportunity to regain momentum and push the market higher.
A successful bullish reaction from the current zone could drive price back toward the next resistance area around 4550 – 4570.
If buyers manage to break and sustain above the 4570 resistance zone, it may open the path for further bullish continuation in the short term.
