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GBPJPY – Can Pound Continue Higher?

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Aayush Jindal

GBPJPY – Can Pound Continue Higher?

Key Highlights

  • British Pound showed some signs of life and corrected higher against the Japanese Yen.
  • The GBPJPY pair is currently trading near a bearish trend line on the hourly chart, which may play a crucial role moving ahead.
  • Today, the UK Retail Sales will be released by the National Statistics, which may ignite moves in the GBPUSD and GBPJPY pairs.
  • The forecast is slated for a decline of 0.3% in the UK Retail Sales in December 2015, compared with the preceding month.

GBPJPY Technical Analysis

The British Pound after trading as low as 164.30 managed to trade higher against the Japanese Yen. There is a bearish trend line on the hourly chart, which is acting as a minor hurdle for the GBPJPY pair and preventing gains.GBPJPY The pair has moved a bit above the trend line resistance, but the break is not convincing, which means it may move back down.The pair is also below the 200 hourly simple moving average, but above the 100 MA. So, one may act as a support and another as resistance. Let us see which holds the ground moving ahead.

UK Retail Sales

Today, the UK Retail Sales, which measures the total receipts of retail stores, and also monthly percent changes reflect the rate of changes of such sales will be released by the National Statistics. The forecast is slated for a decline 0.3% in December 2015, compared with the preceding month. Moreover, the yearly change is expected to increase by 4.3% in December 2015, compared with the same month a year ago.Let us see how the outcome shapes up, as it may affect a lot all British Pound pairs. The GBPUSD pair is already trading down, and if there is any disappointment, then we can see more losses moving ahead.

Euro Zone Services PMI

There are many important releases lined up in the Euro Zone today, which may impact the market sentiment in the near term. The Euro Zone Services PMI, which is an indicator of the economic situation in the Euro Zone services sector will be released by the Markit Economics. The forecast is lined up for no change in December from 54.2. Let us see if there is no change, an increase or a decrease this time in the Euro Zone Services PMI.
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