2nd November 2021 Technical Analysis

GBPJPY

GBPJPY fell on Monday, and the technical bias is bearish due to lower lows in the recent downtrend.

The pair is currently trading near 155.829，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 155.900

Resistance level 2: 156.100

Resistance level 3: 156.350

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

Support level 1: 155.580

Support level 2: 155.330

Support level 3: 155.000

On Wednesday, the UK’s October Markit comprehensive PMI final value data will be announced Higher data indicate favourable to the British pound, so it is negative for the GBPJPY currency pair, and vice versa.

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

GBPUSD

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

The pair is currently trading near 1.36589，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 1.36700

Resistance level 2: 1.36900

Resistance level 3: 1.37200

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

Support level 1: 1.36380

Support level 2: 1.36150

Support level 3: 1.35900

The Federal Reserve will announce the latest interest rate decision on Wednesday. Hawkish remarks indicate 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 sell the GBPUSD currency pair near the current level.