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9 Aug 2013
GBP/JPY edges higher on better UK Trade data
FXstreet.com (Barcelona) - Having range traded overnight, GBP/JPY has edged higher in the immediate aftermath following better than expected UK trade data.
Overnight spot made a high at 150.69 and a low at 149.68, but has been much more subdued since entering the European session. This mornings UK Trade Balance data has beaten expectations across the board. The Total Trade Balance came in at GBP-1.54B/GBP-2.35B, The Goods Trade Balance GBP-8.082B/GBP-8.5B and The Trade Balance - non EU GBP-2.64B/GBP-3.8B. SDespite an initial dip, spot is currently trading at 150.31, but for now is lacking any real momentum or conviction.
GBP/JPY technically bullish
The FXstreet.com Trend Index is showing GBP/JPY to be strongly bullish. Daily Classic Pivot support below can be found at 149.85, 149.36m 148.36 and resistance above at 150.76, 151.25 and 152.17.
Overnight spot made a high at 150.69 and a low at 149.68, but has been much more subdued since entering the European session. This mornings UK Trade Balance data has beaten expectations across the board. The Total Trade Balance came in at GBP-1.54B/GBP-2.35B, The Goods Trade Balance GBP-8.082B/GBP-8.5B and The Trade Balance - non EU GBP-2.64B/GBP-3.8B. SDespite an initial dip, spot is currently trading at 150.31, but for now is lacking any real momentum or conviction.
GBP/JPY technically bullish
The FXstreet.com Trend Index is showing GBP/JPY to be strongly bullish. Daily Classic Pivot support below can be found at 149.85, 149.36m 148.36 and resistance above at 150.76, 151.25 and 152.17.