The GBPJPY is following the ascending trend line with a zig zag pattern which indicates a bullish trend. Today we have light UK data which might provide bulls with another chance to spike the price to the upside. The FPC (Financial Policy Committee) statement includes detailed analysis on the stability of the financial system, an assessment of potential risks to financial stability, and recommendations to protect and enhance the resiliency of the UK financial system. This is one of the tools that the FPC uses to communicate with investors about financial policy. It contains policy changes taken, and commentary on the economic conditions that influenced their actions, which can impact future MPC (Monetary Policy Committee) interest rate decisions. Don’t forget to check our Forex calendar for all regular updates, economic announcements, forecasts and much more!
Technically, the GBP/JPY has formed a zig zag with an ascending trend line that might spike the price to the upside potentially from the POC zone of 145.40-60 or slightly higher above, around 146.25. Traders might also want to focus on a potential price close above the Admiral pivot point (PP) -147.73. If it happens, targets are likely to be around R1- 149.15 followed by 149.74. Only a close above 149.74 might open the way to a weekly R2 – 151.13. This scenario will be negated if the price breaks below 145.00
Pivot Lines – Weekly Support and Resistance
POC – POC – Point Of Confluence (The zone where we expect the price to react – aka the entry zone)