FxWirePro: GBPJPY recovers on upbeat UK retail sales data, good to sell on rallies
GBP/JPY recovered slightly after upbeat UK retail sales data. UK retail sales data came at 1.3% for the month of May compared to forecast of 0.5%. GBP/JPY jumped almost 50 pips from the low of 147.25. It is currently tra…
GBP/JPY recovered slightly after upbeat UK retail sales data. UK retail sales data came at 1.3% for the month of May compared to forecast of 0.5%. GBP/JPY jumped almost 50 pips from the low of 147.25. It is currently trading around 147.79.
Technically the pair is facing strong resistance around 148.11 high made on Jun 7th 2018.Any break above 148.11 confirms further bullishness and a jump till 149.80/150/151.55 is possible.
On the lower side, major weakness only below 146 level and any break below will drag the 145/143.20.Overall bullish invalidation only below 143.
It is good to sell on rallies around 147.85-90 with SL around 148.60 for the TP of 146.10.
