While crossing the horizontal resistance of 138.81, the GBP/JPY currency pair strengthened at 139.21 on Tuesday, with the bullish candle on the graph because of the latest UK IHS Markit manufacturing data.

Today, the Chartered Institute of Purchasing & Supply and Markit Economics published the figures for UK Business Manufacturing PMI news.  According to the consensus of economists, in November, the UK market generating PMI news reported a reading of 55.2, with no improvement compared to the figure of 55.2 in the previous month. But it beat the expectation and registered at 55.6.   

The IHS Markit Manufacturing PMI stats reflect the current economic conditions of the manufacturing sector of the United Kingdom. The Manufacturing PMI is considered an important economic indicator as opposed to the Market Services PMI. That’s because the Market Services PMI doesn’t influence the GDP as much as the Market Manufacturing PMI does.

Generally speaking, a reading above 50 signals expansion in the economic activity of the manufacturing sector hence suggests a bullish market for the GBPJPY ahead and vice versa.

On the downside, the GBPJPY pair might find multiple support levels preventing the price from decreasing below the listed price tag.

Conclusion

Considering the technical and fundamental analysis of the pair, it is quite good for the trading purpose. But in the first half of December, multiple updates are going to release which, might cause uncertainty in the pair’s price.