The start of the European session on Friday focused on the release of UK retail sales data for June which recorded higher -than -expected reading figures.
However, the reading is seen as failing to inject a surge for the Pound with the price movement at the beginning of the session remaining slow.
On the price chart of the GBP/JPY pair, investors are still waiting for the price to jump above the 152.00 level after this week's price increase managed to reach the resistance zone.
The price has made a rebound from the weekly low of around 148,500 last Tuesday and passed the Moving Average 50 (MA50) barrier level on the 1 hour time frame for a bullish signal.
The price increase that continued until Thursday yesterday has returned to the level of 152.00 in the SBR zone (support become resistance) with the expectation of a higher rise before closing trading this week.
While the Pound is still risky, the price movement is seen to be driven by the Yen’s depreciation factor in the market following a revalued market sentiment that reduced the appeal of the safe-haven currency.
If the price manages to pass the 152.00 zone, the next bullish target is seen at 154.00 to record a 2 -week high.
For a re -fall situation, the levels of 150.600 and 149.500 will be the focus of the price before re -testing the support level of 148.500.
Manufacturing and services PMI data for the next European session will be awaited by investors to see the impact on the Pound’s movement.
