Overall, GBP/JPY is trending upwards. Recently, GBP/JPY broke below the key level of 157.
The UK Retail Sales m/m data (Actual: -0.2%, Forecast: 0.6%, Previous: -0.6% revised from -0.9%) released last Friday indicated continued decline in consumer spending in September.
Also, the UK flash PMI data released indicated a faster pace of expansion in business activities in October due to the rolling back of COVID restrictions.
- Flash Manufacturing PMI (Actual: 57.7, Forecast: 56.1, Previous: 57.1 revised from 56.3)
- Flash Services PMI (Actual: 58.0, Forecast: 54.5, Previous: 55.4 revised from 54.6)
Bank of England committee member Tenreyro will be speaking later at 2100 (GMT+8). During this time, there may be volatility in GBP.
Currently, GBP/JPY is testing the support zone of 156.000 and the next resistance zone is at 158.000.
Look for short-term buying opportunities of GBP/JPY if it rejects the resistance zone of 156.000.
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