The GBPJPY pair is trading into the 144.00 major technical level as the Sterling falls against the wider market. What can traders expect next? This 7 August GBPJPY Technical Outlook reveals.
7 August, GKFX – Brexit concerns are back to the top of the list for the Sterling, and with hopes high on negotiations to come soon but actual progress remaining thin, and the rising odds of a hard Brexit scenario are undermining the GBP.
GBPJPY Fundamental Highlights
The Sterling has fallen from July’s highs of 149.30 as the GBPJPY has backslid for three straight weeks, and is already gearing to make it a fourth, while slipping economic data for the UK piles onto an already-weakened Pound.
The UK’s BRC Like-For-Like Retail Sales for July printed at just 0.5%, coming in far below the forecast 1.5%, and dropping below the previous period’s 1.1%.
On the Japanese side, Overall Household Spending for the year to June clocked in at -1.2%, coming in better than the forecast -1.6%, and still a significant improvement over the previous period’s -3.9%.
7 August GBPJPY Technical Outlook
With the pair declining for several weeks straight, support is holding thin at the 144.00 handle, while 2018’s low sits nearby, close to 143.20.
On the upside, declining resistance sits off of falling swing highs from above the 147.00 level, with last week’s low sitting just above at 145.15.
This article 7 August GBPJPY Technical Outlook was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
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