The GBP/JPY currency pair on Tuesday continued to trend upwards below 148.00 level following the latest round of UK Claimant Count Change. The currency pair has been on an upward movement for the last three months.
The GBP/JPY currency pair is trading on the back of a relatively busy period in the market from a fundamental perspective. In the UK, the claimant count for January came at -20k, as compared to -20.4k in December 2020. The market was expecting a claimant count change of 35k.
The stats for claimant count change reflect the changes in numbers of unemployed people within the country over the given time frame. The claimant count change is an important economic indicator and could give rise to increase volatility. Generally speaking, rising numbers indicate alarming conditions and the bearish market for the GBPUSD pair ahead and vice versa.
This recent rise is believed to be profitable, as the higher high elevation in the last upside wave of the GBPJPY pair indicates that the technical bias may remain bullish for a while, offering an open invitation to their fast money goals to financial investors.
Moreover, on the downside, the price of the GBPJPY pair is likely to find multiple support levels helping the price of the GBPJPY pair to stay above the listed price tag.
In the daily chart, the GBP/JPY currency pair appears to be trading within a high channel. This indicates a strong for the short to medium-term trading.