4th November 2021 Technical Analysis

GBPJPY

GBPJPY rose sharply on Wednesday, and the technical bias is bullish due to higher highs in the recent downtrend.

The pair is currently trading near 156.098，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 156.250

Resistance level 2: 156.500

Resistance level 3: 156.850

Below the price, multiple support levels can be seen which may prevent the price from falling.

Support level 1: 155.800

Support level 2: 155.530

Support level 3: 155.250

Today, the Bank of England will announce the latest interest rate resolution. The interest rate hike shows that it is beneficial to the pound. Therefore, it is bullish on the GBPJPY currency pair. On the contrary, showing a dovish stance indicates unfavourable to the currency pair.

Looking at the current price trend and economic development, it may be a good trading choice to buy the GBPJPY currency pair near the current level.

GBPUSD

GBPUSD rose sharply on Wednesday. The technical bias is bullish due to higher highs in the recent downtrend

The pair is currently trading near 1.36891，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 1.37050

Resistance level 2: 1.37350

Resistance level 3: 1.37750

Below the price, multiple support levels can be seen which may prevent the price from falling.

Support level 1: 1.36650

Support level 2: 1.36330

Support level 3: 1.36050

On Friday, the United States will release data on the non-agricultural employment report for October. Higher number of newly created jobs indicates that it is beneficial to the US dollar, so it is negative for the GBPUSD currency pair, and vice versa.  

Looking at the current price trend and economic development, it may be a good trading choice to buy the GBPUSD currency pair near the current level.