FxWirePro: GBP/JPY trades higher on better than expected UK services PMI, good to buy on dips
GBP/JPY has shown a good recovery of almost more than 70 pips for the day from the low of 146.03 on account of better than expected UK services data. The pair’s jump was mainly due to easing political uncertainty in Ital…
GBP/JPY has shown a good recovery of almost more than 70 pips for the day from the low of 146.03 on account of better than expected UK services data. The pair’s jump was mainly due to easing political uncertainty in Italy as of now. GBP was trading higher and has recovered almost 75 pips after the data. UK services PMI came at 54 for the month of May compared to forecast of 52.9. USD/JPY has shown a good recovery of almost 190 pips from low of 108.12 (100- day MA) and is currently trading around 109.85. GBPJPY is currently trading around 146.65.
The pair is facing strong resistance at 147 and any convincing break above will take the pair to next level till 147.35 (20- day MA)/148.
On the lower side, near term major support is around 146 (55- 4H EMA) and any convincing break below will drag the pair to next level till 145.60 (20- H MA)/144.
It is good to buy on dips around 146.50-55 with SL around 146 for the TP of 148.
