GBPJPY Chart Technical Outlook creates a double top at 193.48, the next leg higher depends on US data
Final GDP data, Durable Goods Orders, and jobless claims are all in the spotlight for those trading the US Dollar – but Yen crosses are also impacted. If USD/JPY advances on upbeat US data, GBP/JPY follows. A decline would weigh on the “dragon.”
I expect the uptrend to continue based on expectations for satisfactory US data and Yen’s weakness. The Pound plays second fiddle here.
GBP/JPY has been forming a double top at 193.48, which is followed by 196.10, which is still far. Support is at 191.73, then 190.17. The 4h-50 SMA has broken above the 4h-200 SMA, a bullish sign.
