During yesterday’s trading session GBP/JPY traded within the range of 170.59-171.62 and closed at 171.52.
At 8:00 GMT GBP/JPY traded at 171.57, gaining 0.06% for the day. The pair touched a daily high at 171.59 at 7:52 GMT.
Fundamental view
Activity in United Kingdom’s sector of construction probably accelerated in May, with the corresponding PMI coming in at 61.0. In April the index stood at 60.8. Readings above the key level of 50.0 are indicative of expansion in the sector. Higher than projected values would be supportive for the sterling. The Chartered Institute of Purchasing and Supply (CIPS) is to announce the results from its monthly survey at 8:30 GMT.
Technical view
According to Binary Tribune’s daily analysis, in case GBP/JPY manages to breach the first resistance level at 171.90, it will probably continue up to test 172.27. In case the second key resistance is broken, the pair will probably attempt to advance to 172.93.
If GBP/JPY manages to breach the first key support at 170.87, it will probably continue to slide and test 170.21. With this second key support broken, the movement to the downside will probably continue to 169.84.
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