Market Muted On UK's Services PMI - GBP/JPY Trades Bearish Butterfly - Forex News by FX Leaders

Market Muted On UK’s Services PMI – GBP/JPY Trades Bearish Butterfly

Posted Wednesday, October 3, 2018 by
Arslan Butt • 1 min read

The Markit just released the services PMI figures for the United Kingdom. The data led to another solid rise in business activity across the UK service division, with the rate of growth sliding only insignificantly since August. The latest poll indicated that the services PMI holds at 53.9 which is slightly below the forecast of 54, however, it’s above 50 and still shows a robust economic growth for the British economy.

On the daily timeframe, the GBP/JPY has formed a very nice bearish butterfly pattern which has completed its C to D wave at 149.750. The pair is trading right below the same level.

Support Resistance
148.12 149.28
147.61 149.94
146.45 151.1
Key Trading Level: 148.78

GBP/JPY Trade Idea – The idea is to stay bearish below 148.78 to target 147 with a stop loss above 149.150. Good luck!

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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.
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