1 Aug 2013
GBP/JPY climbing towards 150.00
FXstreet.com (London) - GBP/JPY is continuing to climb higher in European markets after the release of UK PMI.
GBP/JPY is outperforming while Sterling gets another lift from continued up beat manufacturing sector. PMI came in 4th straight month better than expected, highest since March 2011 at 54.6. These upside surprises are continuing to aid the pound ahead of BoE and this month’s inflation report next week. No one is foresting a cut today but there is a small probability of one. If there isn’t, the pound might get another lift, but this event is likely to be in the absence of guidance so could be a non-event while we wait until the inflation report. Meanwhile, USD/JPY is also bid ahead of NFP’s positioning for tomorrow, despite a disappointing FOMC for the dollar.
GBP/JPY eyes 150.70 50 d ma.
GBP/JPY momentum indicators are still showing signs of more to come in the upside movement and while 150.00 could be a tough barrier, there after lies the 50d ma at 150.70 that would be serving as next target.
GBP/JPY is outperforming while Sterling gets another lift from continued up beat manufacturing sector. PMI came in 4th straight month better than expected, highest since March 2011 at 54.6. These upside surprises are continuing to aid the pound ahead of BoE and this month’s inflation report next week. No one is foresting a cut today but there is a small probability of one. If there isn’t, the pound might get another lift, but this event is likely to be in the absence of guidance so could be a non-event while we wait until the inflation report. Meanwhile, USD/JPY is also bid ahead of NFP’s positioning for tomorrow, despite a disappointing FOMC for the dollar.
GBP/JPY eyes 150.70 50 d ma.
GBP/JPY momentum indicators are still showing signs of more to come in the upside movement and while 150.00 could be a tough barrier, there after lies the 50d ma at 150.70 that would be serving as next target.