GBP/JPY sliding down as manufacturing PMI disappoints

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!

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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