16^th November 2021 Technical Analysis

GBPUSD

GBPUSD fluctuated on Monday, and the technical bias was bearish due to lower lows in the recent downtrend.

The pair is currently trading near 1.34086，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 1.34250 

Resistance level 2: 1.34450

Resistance level 3: 1.34700

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

Support level 1: 1.33800

Support level 2: 1.33500

Support level 3: 1.33250

Today, the UK will announce data on the number of new jobs created in August. Higher data indicate favourable to the pound, so the GBPUSD currency pair is bullish, and vice versa

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

USDJPY

USDJPY rose on Monday, and the technical bias is bullish due to higher lows in the recent uptrend.

The pair is currently trading near 114.187，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 114.300

Resistance level 2: 114.500

Resistance level 3: 114.700 

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

Support level 1: 114.000

Support level 2: 113.750

Support level 3: 113.500

Today, USA will announce retail sales data for October. Higher data indicate favourable to the U.S. dollar, so the USDJPY currency pair is bullish, and vice versa.

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