GBP/JPY Outlook (26 July 2021)
ByJin Dao Tai
JUL 26, 2021
Overall, GBP/JPY is trending downwards.
The UK Retail Sales m/m data (Actual: 0.5%, Forecast: -0.2%, Previous: -1.3% revised from -1.4%) released last Friday indicated a rebound in consumer spending in June mainly driven by sales coming from food stores likely due to the start of the Euro 2020 football championship.
The UK flash PMI data released last Friday indicated a slowdown in business activities in July due to shortages of labours and materials.
- Flash Manufacturing PMI (Actual: 60.4, Forecast: 62.3, Previous: 63.9 revised from 64.2)
- Flash Services PMI (Actual: 57.8, Forecast: 62.1, Previous: 62.4 revised from 61.7)
Bank of England committee member Vlieghe will be speaking later at 1900 (GMT+8). During this time, there may be volatility in GBP.
Currently, GBP/JPY is testing to break above the key level of 152. Its next support zone is at 151.000 and the next resistance zone is at 153.800.
Look for short-term buying opportunities of GBP/JPY if it breaks above the key level of 152.
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