Bearish Setup Triggered in GBP/JPY – UK Labor Report Disappoints
Arslan Butt•Tuesday, April 16, 2019•1 min read
Fellas, GBP/JPY was holding firm below 146.950 due to lack of fundamentals. However, the market was overbought, and investors just need a reason to trigger a sell-off. The UK labor market report gave this reason.
- According to the UK labor market report, the UK employment rate was estimated at 76.1%, higher than for a year earlier (75.4%) and the joint-highest figure on record.
- The UK unemployment rate was estimated at 3.9%; it has not been lower since November 1974 to January 1975.
- The UK economic inactivity rate was estimated at 20.7%, lower than for a year earlier (21.2%) and the joint-lowest figure on record.
- In actual, the average hourly earnings remained unchanged at 3.5% along with the unemployment rate which also remained steady at 3.9%. However, Claimant Count Change disappointed the market with a rise of 28.3K vs. 26.7K. As a result, the Guppy is trading bearish and it’s very likely to target 146.
Support Resistance
145.13 147.36
143.84 148.31
141.61 150.54
Key Trading Level: 146.08
On the lower side, GBP/JPY has completed 23.6% retracement at 146.45. For now, it’s the next target is likely to be around 146.10, the 50% Fibonacci retracement level. So take your positions accordingly.
Good luck!
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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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