Increased UK CPI pushes GBP on an Upward Trajectory

UK’s 12-month CPI has increased by 1%, causing the Great Britain Sterling Pound (GBP) to gain strength against other currencies in the Forex market.

Buy GBPJPY on dips

Earlier this week, GBPJPY had gone to its lowest level at 138.67; but following the good news on consumer price index, the GBP has strengthened against the Japanese Yen once again. The overall trend for the pair is bullish, but Fibonaci shows key points of retracements.

GBP also remained strong against the U.S. Dollar, going past 1.250 against the Greenback.

Using Ichimoku analysis, we find that GBPJPY holds above Tenken-Sen and Kijun-Sen, and any break past resistance level of 140.20 would push the pair towards 140.80, and 141.92 in extension.

Therefore, it is advisable to buy GBPJPY at dips to take advantage of the strengthening GBP and the bullish bias of the pair.

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