GBP/JPY is rising towards the pivot which is a pullback resistance and could drop to the 1st support which acts as a pullback support.
Pivot: 192.49
1st Support: 190.55
1st Resistance: 193.70
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Also on:,# GBP/JPY Technical Analysis: Current Market Overview
## Key Points
– **Current Trend**: The GBP/JPY pair is currently rising towards a significant pivot level.
– **Pivot Level**: The identified pivot for this analysis is at **192.49**, marking a critical resistance point for potential price action.
– **Support and Resistance Levels**:
– **1st Support**: Positioned at **190.55**, this level serves as a pullback support if the price retracts.
– **1st Resistance**: Set at **193.70**, this level could act as strong resistance if the upward momentum continues.
– **Risk Consideration**: Trading Forex and CFDs involves a high level of risk, and it is crucial to only trade with capital that is disposable. Understanding the risks is essential for all investors.
## Trading Commentary
GBP/JPY is approaching a pivotal resistance level, suggesting a strategic moment for traders. Should the pair exceed the pivot at 192.49, it may continue towards the resistance at 193.70. Conversely, if the market retraces, the first support at 190.55 will be essential in mitigating further declines. Traders should weigh their risk tolerance carefully before engaging with this pair, as market volatility can lead to swift changes.
### Closing Insight
As we navigate the complexities of the Forex market, the GBP/JPY pair illustrates the balance of potential upside against inherent risks. While the pivot and surrounding support and resistance levels provide strategic guidance, it’s imperative for investors to conduct thorough analysis and maintain a disciplined approach to capital allocation.
Disclaimer. The opinions expressed by our writers are their own and do not represent the views of JustInvestNews . The financial and market information provided on JustInvestNews is intended for informational purposes only. JustInvestNews is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Original article: https://www.tradingview.com/chart/GBPJPY/WhQf2Oou-Bearish-drop/
