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Pound Yen GBP/JPY Forecast for the week of February 1-7, 2021

The GBP/JPY currency pair ended the previous trading week with quotes rising by more than 200 points. The price of GBPJPY has practically reached the level of February 2020, the pre-crisis level for the British pound. A year ago, against the background of data on England's withdrawal from the European Union, the beginning of a pandemic, the currency pair dropped from 144 to 124 in less than a month, which is a very rare occurrence for Forex currencies. Usually, currency pairs are not as volatile.

GBP/JPY quotes are above the Ichimoku cloud, which confirms the upward trend for the currency pair. An additional signal in favor of continued growth in GBPJPY is the crossing of a fast signal line by a slow one.

Pound Yen GBP/JPY Forecast

The support level for the GBPJPY rate is the slow red signal line at 142.6.
Another strong support level is the upper border of the Ichimoku cloud at 141.7.

The resistance level, as well as an important marker of the restoration of the British pound positions, will be the testing of the GBPJPY level of 145. This is the maximum, having reached which, the currency pair fell so that the recovery took almost a year.

Thus, the forecast for the GBP JPY rate for the week of February 1-7 suggests a short-term pullback to the support area, a reversal and growth with an attempt to consolidate the GBP/JPY rate above resistance level 145.


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