GBPJPY: Sell below 128 (chart of the day)

Major Support- 128

Ichimoku Analysis (4-hour chart)

Tenken-Sen – 128.81

Kijun-Sen – 129.09

GBPJPY continues to trade lower and is hovering near major support 128. It hits low of 128.04 and is currently trading around 128.18. The Pound sterling declines further after the release of weaker than expected UK economic data.

UK GDP contracted 0.2% in the 2nd quarter and it is the worst performance since 2012. The manufacturing production came at -0.2% m/m in Jun below estimate -0.1%.

On the flip side, the pair is trading slightly below 128 and this confirms major weakness and a decline till 126 is possible.

The minor intraday trend reversal only above 129.35 and break above targets 130.

It is good to sell on rallies around 128-128.10 with SL around 129 for the TP of 126.