GBP/JPY sliding down as manufacturing PMI disappoints - Forex News by FX Leaders

GBP/JPY sliding down as manufacturing PMI disappoints

Posted Monday, September 3, 2018 by
Arslan Butt • 1 min read

Sterling got hit badly after worse than expected manufacturing PMI data. As per data, the month of August saw further signs of a slowdown in the U.K. manufacturing sector. The seasonally adjusted manufacturing PMI posted 52.8 in August, down from a revised reading of 53.8 in July (originally reported as 54 during the previous month).

Support Resistance
142.44 145.6
140.91 147.23
137.75 150.39
Key Trading Level: 144.07

We have recently opened a sell signal on GBP/JPY as the Sterling is in selling after the news release. As you can see on the chart, the GBP/JPY has violated the bullish trendline support at 143.350 and the market can go after 142.950 and 142.450. The 50- periods moving average is also suggesting a selling bias of traders. Good luck!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
Related Articles
The AUD/USD currency pair hit the bearish track representing 0.18% losses today, ahead of RBA keeping its easing bias
2 hours ago
AUD/USD has retraced lower this week, but it has formed a bullish reversing pattern on the H4 chart now which might turn this pair bullish
2 hours ago
Comments

Leave a Reply

avatar
  Subscribe  
Notify of