The GBP/JPY increases the price to more than 136.00, a good beginning of the week with a bullish candle. Whereas, before this, the price was stable at one stage with zero improvements in the last week.

But today’s raise turfed off last week’s poor performance, and now, with the bullish green candle, it moves on the journey of success onward.

Today’s success might become possible because of the Markit Manufacturing Update.

The Chartered Institute of Purchasing & Supply and the Markit Economics released data for the UK Market Services PMI Today (November 23, 2020). According to economists’ estimate, the figures for the UK Market Services PMI registered the reading of 42.5 in November, as compared to the numbers 51.4, recorded in the month before. But the report showed that it beat up the estimates of economists and registered at 45.8.

The UK Marketing Services PMI stats represent the prevailing economic situation of the United Kingdom’s service sector. It primarily reflects the data on jobs and sales over the period specified. It is worth noting here that as opposed to manufacturing, the business services PMI stats do not affect the country’s GDP.

Even so, given that a substantial decline or increase is observed in numbers, it is still a relevant economic indicator. Generally speaking, a reading above 50 indicates expansion, signaling the GBPJPY pair’s bullish market ahead and vice versa.

Conclusion

The technical bias remains bullish since the GBPUSD pair printed a higher low in the recent downside move on the daily chart, as shown above. Hence, here the buying and selling of both strategies would generate profit for short to medium traders.