GBP/JPY Inches Higher Ahead of Upcoming Favorable News

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Once again, the Great Britain Pound (GBP) inched higher against the Japanese Yen (JPY) by regularly marking bullish candles for a week, today its price is more than 151.00. The graph below demonstrates the continued efforts of the GBP as it consistently attempts to gain the highest level. At the moment, the major favorable economic news is the source of this rise.

Firstly, The Chartered Institute of Purchasing & Supply and Markit Economics anticipates releasing stats for the UK Market Manufacturing PMI news on Friday (July 23, 2020). According to economists’ view, the GBP Market Manufacturing PMI registered a reading of 62.5 in July.

The stats for the UK Market Manufacturing PMI reflects the overall economic condition of the manufacturing sector of the United Kingdom. It is worth mentioning here that the market manufacturing sector has more importance as compared to the service sector of the UK, as far as GDP is concerned. 

Generally speaking, reading above 50 indicates expansion in the country’s economy and hence suggests a bullish market for the GBPJPY ahead and vice versa. 

Secondly, the National Statistics will release the figure for retail sales on July 23, 2021 (Friday), with an expected figure of 9.6% in June.

Retail sales measure the entire receipts of retail stores. The pace of change in such sales is reflected in monthly percent changes. In general, a high value indicates that the GBP is bullish, whereas a low score indicates that the GBP is bearish.

As of this writing, the GBP/JPY pair strengthens around 151.78, On the downside, the price of the pair might find some support near the given price tag.


Trade Idea

Considering the price action of the pair over the past few days, buying it around the current levels could yield some profits in short to medium-term trading.

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