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21 Jun 2013
GBP/JPY approaching 50d MA
FXstreet.com (London) - GBP/JPY has traded in a range of 142 pips between a high of 151.74 and 150.32 since the release of FOMC.
A raft of positive US and UK data has come out since as well and Sterling has been the strongest contender against the dollar over the last 48hrs. The pair is trading significantly higher since the FOMC and it has managed to stay in positive territory since, well above the pivot. The data release for today for Sterling came in the form of Public Sector Net Borrowing, and offered a slightly better picture with less of an increase than what had been expected. The result was £10.535B vrs £13.750B expected and against previous £6.623B
GBP/JPY in Bullish territory
GBP/JPY remains overall bid, although is losing some ground in the European session on profit taking ahead of the weekend on a quiet calendar with only third tier data, mostly ignored. GBP/USD remains on path towards the 50d MA and should a break be concluded there, the upside will remain very much in tact.
A raft of positive US and UK data has come out since as well and Sterling has been the strongest contender against the dollar over the last 48hrs. The pair is trading significantly higher since the FOMC and it has managed to stay in positive territory since, well above the pivot. The data release for today for Sterling came in the form of Public Sector Net Borrowing, and offered a slightly better picture with less of an increase than what had been expected. The result was £10.535B vrs £13.750B expected and against previous £6.623B
GBP/JPY in Bullish territory
GBP/JPY remains overall bid, although is losing some ground in the European session on profit taking ahead of the weekend on a quiet calendar with only third tier data, mostly ignored. GBP/USD remains on path towards the 50d MA and should a break be concluded there, the upside will remain very much in tact.