GBPJPY trades in narrow range between 210.80 and 213.31 for the past one week. At 212.98, it reaches an intraday low; now trading around 212.607.
Released today, March 24, the S&P Global Flash PMIs for March 2026 indicate a significant deceleration in the growth of the private sector to a 10-month low. The composite PMI dropped to 51.0 (previously 53.7, exp ~52.9), and the services PMI fell to 51.2 (previously ~54.0, exp 53.0), reaching a 7-month low. Meanwhile, manufacturing output plunged to 17-18 month lows due to high costs and low demand caused by tensions from the war in Iran. As energy shocks drove up input inflation, new orders fell across industries; the statistics indicate 0.3% Q1 GDP but increase the likelihood of a BoE May rate cut as the recovery frays.
|
Technicals |
CMP -212.607 |
Trend |
|
|
4- Hour chart |
Value |
|
|
|
55 EMA |
212.03 |
CMP >value |
Bullish |
|
200- EMA |
211.26 |
CMP > value |
Bullish |
|
365- EMA |
210.47 |
CMP >value |
Bullish |
Major support- 211.95/211.35/210.70/210/209.48/208. Major resistance - 213.15/214/215.
|
Momentum indicator |
Inference |
Value |
|
CCI(50) |
Bullish |
76.97 |
|
ADX |
Neutral |
|
It is good to buy on dips around 212 with SL around 210.80 for a TP of 215B.
