Forex Marketz Daily Forex News – Fully Markets Update
Looking at the GBP/JPY currency exchange rate and above daily MT 4 chart, the British pound (GBP) is consolidating against the Japanese yen (JPY) ahead of today’s gross domestic product data release out of the United Kingdom.
The British pound is trading around 139.10 yen during the Asian trade session. The GBP/JPY currency exchange rate hit a fresh high price point on Tuesday before giving up some gains.
Today the United Kingdom will publish monthly gross domestic product (GDP) data as well as preliminary quarterly gross domestic product (GDP). The island nation will also release their monthly goods trade balance. The United Kingdom will also publish monthly industrial production and manufacturing numbers.
Japan will release their M2 money stock but have a quiet calendar today. The United States will release monthly core and headline consumer price index (CPI) numbers and the European Union will release monthly industrial production data. Canada has no economic data releases today.
Daily British Pound Technical Analysis (GBP/JPY)
Looking at the above price action chart, the British pound is also trading above the two hundred (200) day moving average as well the falling trend line in play since 12 December 2019. Looking at the MACD histogram and other technical indicators, the GBP/JPY Forex market still has some room towards the upside.
With that said, a daily close below 138.80 yen opens the door to challenge a downside congestion zone in play at 137.65 to 137.60 yen. The 200 day moving average is also in this area.
On the upside, the GBP/JPY currency exchange rate notes its first upside barrier in play at the June monthly high price point that lines up at 139.75 yen. A daily close above this first layer of technical resistance opens the door to challenge the key upside barrier that lines up at 140 yen. The next upside barrier to monitor then lines up at 140.30 yen.
