Buckle Up For GBP/JPY Sell Limit – UK’s Manufacturing PMI Disappoints

The GBP/JPY has violated a strong resistance level of 145 which opened further room for buying until 146.300. The closing of hourly...


The Sterling took a bearish turn after the UK manufacturing new orders and employment fell for the first time since mid-2016. As per economist forecast, the manufacturing PMI was supposed to be 53, but the actual figure disappointed the market with 51.1.

For now, the investors wait for the UK inflation report as well as the Bank of England’s interest rate decision. Considering the manufacturing figure, the inflation report may suffer and we may see further bears in the pound.

Technically speaking, the GBP/JPY has violated a strong resistance level of 145 which opened further room for buying until 146.300. The closing of hourly candles below this level may offer us an opportunity to short the pair.

Support Resistance
143.14 144.31
142.6 144.93
141.43 146.1
Key Trading Level: 143.76

What’s Next?
I’m thinking of setting a sell limit below 146.300 with a stop above 146.650 to target 60 pips. So, let’s wait for BOE rate decision to sell at the top.

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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