Forex Marketz Daily Forex News – Fully Markets Update
The British pound is trading around 153 to 150.25 yen during the morning Asian trade session on Tuesday. This is around a falling trend line seen on the above GBP/JPY price action chart. This falling trend line has been in play since 24 June.
The GBP/JPY currency exchange rate is also trading around the one hundred (100) hour simple moving average (SMA) and having difficulty extending gains seen last week.
Today’s economic calendar will feature consumer price indices (CPI). The United States is publishing monthly core and headline consumer price index (CPI) data. Germany will release their final monthly headline consumer price index. Switzerland is publishing their monthly producer price index (PPI).
The United Kingdom will release the private monthly BRC retail sales monitor. Overnight into Wednesday Japan will publish their final monthly industrial production data.
Daily British Pound Technical Analysis
Looking at the above four hour MT 4 price action chart, the MACD histogram looks positive as the GBP/JPY currency exchange rate challenges the above mentioned falling trend line. A sustained close above this trend line will encourage the bulls.
With that said a break above the 100 hour simple hour moving average lining up at 153.35 yen opens the door to challenge the next upside barrier in play at 153.45 yen. The next upside barrier for the British pound lines up at the monthly high price point. This barrier is at 154.10 yen.
Above 154.10 yen, the British pound has a technical layer of resistance lining up at the middle of May high price point at 154.85 yen before 155 yen comes into focus.
On the downside, the first layer of technical support lines up at 152.70 yen. The next downside barrier then lines up at 152.30 yen before 151 yen then comes into play. A sustained close below 151 yen opens the door for 150.65
