It is the ninth trading day in a row that the British pound has continuously in uncertainty against the Japanese yen. Today, the UK pound drops its value to less than 155.00 against the Japanese Yen.
Currently, the GBP/JPY currency pair hovers around the price of 154.65. There are more than three support trendlines that are standing below the price to raise the price above the said level.
Two upcoming activities are on the list to add to the rising momentum of the GBP/JPY pair.
First, there is the update regarding Gross Domestic Product (GDP) on June 11, 2021, that could boost the GBP/USD pair’s potential for further gains.
According to economists’ view, GDP might remain 2.4% in April compared to the month before data of 2.1%.
The GDP is a metric that measures the total value of all products and services generated in the United Kingdom. The GDP is a broad indicator of economic activity in the United Kingdom. A rising trend has a positive impact on the GBP.
And second is the Manufacturing Production, which will release by the National Statistics. According to economists view, Manufacturing Production registered a reading 41.8% in April compared to the month before reading of 4.8%.
Manufacturing Production would be a key short-term measure of the strength of UK manufacturing, which accounts for a considerable portion of total GDP.
Conclusion
Because the GBP/USD printed a higher high wave on the downside of the price action, the technical bias may continue optimistic for a while.
The buying technique would be better suitable for short-medium trading in this instance.