Instrument: GBPJPY
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 172.823 with take profit at 172.981.
Bearish Preference:
A sell position is envisaged if the price trades below 172.446 with take profit at 172.253.
Fundamentals:
None with High Impact
Comment:
GBP has been on an interesting trajectory of late which has come against a backdrop of rising expectations of further rate hikes from the Bank of England (BoE). Further strengthening this narrative was yesterday’s data from the British Retail Consortium with the shop price inflation rising to its highest rate since records began in 2005 coming in at 9%. This will add to the market’s expectations for a more hawkish BoE as it presents signs that inflation may remain sticky moving forward.
Analysis: SCRUM Team