GBP/JPY Not Impressed After UK Retail Sales Data Published Positive - Kakiforex.com - Financial Market Media No. 1 in the World GBP/JPY Not Impressed After UK Retail Sales Data Published Positive GBP/JPY Not Impressed After UK Retail Sales Data Published Positive
InstaForex

July 23, 2021

GBP/JPY Not Impressed After UK Retail Sales Data Published Positive

 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.