GBP/JPY created a bullish hammer last week, signaling a scope for sharp recovery The pound could pick up a strong bid if the UK services PMI betters estimate. The GBP/JPY created a bullish hammer last week, signaling the sell-off from the recent high of 153.84 has ended. A positive follow-through this week would confirm a bullish reversal. That said, Pound will likely find a strong bid only if the UK services PMI, due tomorrow at 08:30 GMT, beats estimates. The market expects the index to edge slightly lower to 52.2 in May from 52.8 in April. Also, the pair could take cues from the broader market sentiment. The Italian fears seem to have receded for now. However, trade tensions are rising and the Japanese Yen could pick up a strong bid if the equity markets turn risk-averse. Therefore, risk aversion could pour cold water over the optimism generated by last week’s bullish hammer. GBP/JPY Technical Levels The resistance is seen at 147.04 (5-week moving average), 147.27 (4-hour 100MA), 148.48 (50-week moving average). Meanwhile, support is lined up at 146.31 (4-hour 50MA), 144.13 (May 31 low), and 143.19 (May 29 low). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next China’s corporate debt challenges a key downside risk to growth – Fitch FX Street 5 years GBP/JPY created a bullish hammer last week, signaling a scope for sharp recovery The pound could pick up a strong bid if the UK services PMI betters estimate. The GBP/JPY created a bullish hammer last week, signaling the sell-off from the recent high of 153.84 has ended. A positive follow-through this week would confirm a bullish reversal. That said, Pound will likely find a strong bid only if the UK services PMI, due tomorrow at 08:30 GMT, beats estimates. The market expects the index to edge slightly lower to 52.2 in May from 52.8 in April. Also, the pair… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
