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19 Aug 2013
GBP/JPY drifiting towards 153.00
FXstreet.com (Barcelona) - GBP/JPY see's, in July, the seasonally corrected trade balance worsened to JPY 944 billion. In particular, the decline in exports – 4.8% in volume -- disappointed. Exports to Europe have clearly picked up, but those to Asia and the US have become less dynamic. This may dampen optimism about the strength of global trade in supporting Japanese activity.
"The major theme in London last week was Sterling’s appreciation against the backdrop of a commitment from Mark Carney to an extended period of low rates in the UK, said research teams at Investc Bank. They continued to say “the Bank of England’s Inflation Report and the introduction of forward guidance has so far satisfied markets that the Bank of England have their house in order, which has allowed investors to pay closer attention to the wave of better than expected economic data. It’s bit of a quieter week for UK data this week but the undoubted highlight will be the second revision of Q2 GDP, although the general consensus is for it to be unrevised at +0.6% quarter on quarter, many believe it could surprise to the upside. Remaining on the economic outlook for now, it was reported in the weekend press that a retail revival across Britain during the sun swept July has given the wider economy a significant boost. We’ve already witnessed the positive effect this had on retail sales last week and it will undoubtedly help Q3 GDP when the first estimate is reported in October" - Research teams at Investec bank.
GBP/JPY bid in London
The GBP/JPY pair maintains stability above 151.40 backed by the Moving Average 50, keeping overall positive expectations valid. 20 dma 151.05, 50 dma is 150.85 and the 200 dma is 145.65. RSI (9) reads 62.21. Supports are ascending from 149.80, 150.65, 151.10 and 151.80. Spot is currently 152.60 while resistances are 153.25, 154.05, 154.20 and 154.65.
"The major theme in London last week was Sterling’s appreciation against the backdrop of a commitment from Mark Carney to an extended period of low rates in the UK, said research teams at Investc Bank. They continued to say “the Bank of England’s Inflation Report and the introduction of forward guidance has so far satisfied markets that the Bank of England have their house in order, which has allowed investors to pay closer attention to the wave of better than expected economic data. It’s bit of a quieter week for UK data this week but the undoubted highlight will be the second revision of Q2 GDP, although the general consensus is for it to be unrevised at +0.6% quarter on quarter, many believe it could surprise to the upside. Remaining on the economic outlook for now, it was reported in the weekend press that a retail revival across Britain during the sun swept July has given the wider economy a significant boost. We’ve already witnessed the positive effect this had on retail sales last week and it will undoubtedly help Q3 GDP when the first estimate is reported in October" - Research teams at Investec bank.
GBP/JPY bid in London
The GBP/JPY pair maintains stability above 151.40 backed by the Moving Average 50, keeping overall positive expectations valid. 20 dma 151.05, 50 dma is 150.85 and the 200 dma is 145.65. RSI (9) reads 62.21. Supports are ascending from 149.80, 150.65, 151.10 and 151.80. Spot is currently 152.60 while resistances are 153.25, 154.05, 154.20 and 154.65.