Never miss a story from Mahmoud Alkudsi

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Mahmoud Alkudsi

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

GBP/JPY Price Forecast

  • GBP Sterling Charts and Analysis
  • GBP/JPY price action.

Have you checked our latest trading guide for USD and Gold? Download for free our Q3 Forecasts

GBP/JPY – Stuck in a Sideways Move

On July 3, GBP/JPY tested 135.55 for second time since June 18 and could not close below, causing a trendless movement.

The Relative Strength Index (RSI) rose from 33 to 40 indicating to the lack of momentum to kick start an upside nor a downside move for now.

Just getting started?See our Beginners’ Guide for FX traders

GBP/JPY DAILY PRICE CHART (Oct 13, 2016 – JULY 10, 2019) Zoomed out

GBP/JPY price daily chart 10-07-19 Zoomed Out

GBP/JPY DAILY PRICE CHART (April 18 – JULY 10, 2019) Zoomed IN

GBPJPY price daily chart 10-06-19 Zoomed in

Looking at the daily chart we notice GBP/JPY moving in a narrow trading zone 135.55 – 136.40. On July 3 the price tested the low end of this zone and after failing to close below the pair eyes currently a test of the high end.

A close above the high end of the aforementioned trading zone may cause a rally towards 139.00, nonetheless; the weekly resistance levels underlined on the chart (Zoomed in) should be watched along the way.

In turn, a close below the low end of the trading zone could press the price towards 133.40, although; the weekly support levels highlighted on the chart need to be kept in focus. See the chart to find out more about the next significant support levels if the selloff continues below 133.40.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

GBP/JPY Four-HOUR PRICE CHART (JunE 26 – July 10, 2019)

GBP/JPY price 4H Chart 10-07-19

Looking at the four-hour chart, we notice 0n July 3 GBP/JPY rebounded from 135.17 – its lowest level in six months. Since then the price rallied and never tested this area, hence; any break to this level might send it towards 134.50 to test the downtrend line originated form the June low at 135.81, although; the weekly support level marked on the chart needs to be considered.

On the other hand, a rally above 136.40 may see the price heading towards 136.99, however; the daily resistance underlined on the chart should be watched closely. See the chart to find out more about the key chart points if the rally continues above mentioned levels.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi