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  • Joseph Barreca

GBP/JPY Time To Shine?

Soon as I opened my charts this morning the first one that popped up was the GBP/JPY and the very first thing I could see was the beautiful bullish pin bar in line of support. This got me excited.


Fundamentals:

Britain’s economic bounce-back from the coronavirus lockdowns cooled in June despite a surge in business for the country’s hospitality sector, according to a survey which echoed other signs that the recovery has lost some of its pace.

Lloyds analyst comments;


  • "The slowdown of output growth across the majority of sectors shows we are entering a new phase of the UK's recovery"

  • "We are less likely to experience the rapid month-on-month output growth we've typically seen when businesses have been able restart operations after successive lockdowns."

The Bank of England is due to announce its latest forecasts for the economy on Aug. 5. Some of its policymakers have said that risks to the recovery mean they should maintain their huge stimulus, while others have said the time for easing off on the programme is approaching.



Technical:

Price has fallen into a major support level at 149.040 which is also supported by the 200 EMA. The close of the day printed a nice pinbar which usually indicates bullish momentum in the coming days. I'll be looking to position myself for a long back up into the 156.00 level.


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