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GBP/JPY Price Forecast – British Pound Continues to Show Strength


The British pound initially pulled back during the open on Monday, reaching as low as ¥150.50 before turning around. We have turned around to form a massive hammer, and it suggests that we are going to try to break out to the upside and that the resiliency may continue to be seen. The ¥150 level underneath is a large, round, psychologically significant figure that has offered during the session, and I think that this is a market that you clearly cannot be a seller of.

GBP/JPY Video 30.03.21

The most likely of outcomes will be either that we go sideways for a while in order to work off all of the froth after the shot straight up in the air. On the other hand, we could break out above the highs and continue going towards the ¥155 level. The market could of course break down, but I really do not see that happening anytime soon. The pair of course is highly sensitive to risk appetite in general, and also there has been a lot of attention paid to the British pound in general due to the fact that the UK has gotten ahead of so many of its peers with the vaccination program, and of course Brexit has not been quite the wrecking ball that so many people had been warning about. Regardless, this is an uptrend and there is no reason to try to short this market as it has been so bullish. This does not mean that it will be easy to go to the upside, but quite frankly I do not see any other alternative than buying.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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