Mon 31st October 2022

Today, Our Daily Currency Strength Weakness Video will focus on:

  • GBPJPY
  • GBPCHF

Charts Provided by Charles Clifton

Daily Analysis By Jon Kibbler

GBPJPY- GBP Remains Strong?

In today’s currency strength video we identified that the GBP is S1 on both tables and JPY is W1 on the trend tables with the CHF as W2.

The GBP has topped the trend traders table for 13 days and shows little sign of slowing down for now. 

In the news this week the Bank of England are expected to hike interest rates by 75bps bringing the interest rates up to 3.00%. This could fuel the GBP strength until the event occurs. 

The JPY on the other hand remains weak and has been featured as weak on the trend trading tables since the 14th October.

Despite the Bank of Japan intervening in the market the short term strength we have seen has been met by sellers almost immediately. 

GBPJPY | Daily Professional Trading Charts and Analysis | Forex, Indices, Commodities and Crypto Markets | Charles Clifton Forex Trader

Technical Observations

  • The GBP is S1 on the trend table and the JPY is W2.
  • Price is in an upward trend on the Monthly chart. 
  • The price could be heading to the trendline resistance and horizontal resistance of 175.00 for a T1 Test.
  • If the price holds here we could expect some profit taking from the bullish move.
  • This impulsive phase will offer trend trading opportunities on the lower time frames such as the Daily chart and H4 chart.
  • Price on the H4 chart has made new highs, a new higher low could form at the previous highs at 170.50 level.

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