GBPJPY Reverses, UK Services PMI Report Is Out!

Today, the market is quite choppy and the daily average movement has dropped as investors are waiting for further clues about the market. The Services PMI report is out from the United Kingdom and here is what I’m looking to do now…

Services PMI Report & Its Impact

As per Markit, the November data pointed to a setback for the UK service sector, with business activity growth easing from the six-month peak seen in October. The services PMI releases as 53.8 vs 55.0 expectation.

Ouch, did you enter a sell on release? The initial response of the pound was exactly opposite than it should be. It seems to retrace back to further.  

Anyways, I must quote my friend Skerdian here. In his recent update, he mentioned that it’s better to stay in sell as right after the news (whatever it is,  positive or negative), investor’s focus will switch to Brexit.

GBPJPY – Trading Plan

Folks, I will be looking to stay bullish above 150.560 with a stop below 150.250 and take profit at 151.450. Whereas, at some point up there, I will decide to enter a sell position. So stay tuned for updates!