GBPJPY TO PUSH PAST 200.00
Q3 of 2024 saw the pair tumbling from the high 208.117, thanks to the July sellers, with the help various factors listed below:
1. Economic Data Releases: Poor economic indicators from the UK, such as weak GDP growth, rising inflation, or disappointing employment figures, negatively impact the pound.
2. Monetary Policy Decisions: If the Bank of England signaled to reduce the rate by 0.25 percentage points after MPC voted by a majority of 5-4.
3. Market Sentiment: Shifts in global market sentiment, including concerns about geopolitical tensions in the Israel/Pakistan on the other hand the ongoing tension between Ukraine and Russia. Adding the economic slowdowns, led investors to favor the yen, a traditional safe-haven currency.
4. Brexit Developments: Ongoing negotiations or issues related to Brexit may have continued to affect the pound's performance.
Enough with the fundamentals 🤦♂️
Now the fun part, price action and technicals
- After all that storm caused by fundametals we were just talking about... price found support at the 191.852 level with strong rejections
- Then a resistance formed at the 196.004 level. A resistance that price closed during December to mark a good end to the 2024 year? Maybe. Just a few wicks to break for price to push all the way to 203.00.
- Talking about 203.00, in 2024 started in a good note for the pair, printing greens only, a streak that saw aclosure of the 196.004 level in April 2024... which then catapulted price to and past the 203.00 level.
- Maybe this is the repeat of that?
1. Economic Data Releases: Poor economic indicators from the UK, such as weak GDP growth, rising inflation, or disappointing employment figures, negatively impact the pound.
2. Monetary Policy Decisions: If the Bank of England signaled to reduce the rate by 0.25 percentage points after MPC voted by a majority of 5-4.
3. Market Sentiment: Shifts in global market sentiment, including concerns about geopolitical tensions in the Israel/Pakistan on the other hand the ongoing tension between Ukraine and Russia. Adding the economic slowdowns, led investors to favor the yen, a traditional safe-haven currency.
4. Brexit Developments: Ongoing negotiations or issues related to Brexit may have continued to affect the pound's performance.
Enough with the fundamentals 🤦♂️
Now the fun part, price action and technicals
- After all that storm caused by fundametals we were just talking about... price found support at the 191.852 level with strong rejections
- Then a resistance formed at the 196.004 level. A resistance that price closed during December to mark a good end to the 2024 year? Maybe. Just a few wicks to break for price to push all the way to 203.00.
- Talking about 203.00, in 2024 started in a good note for the pair, printing greens only, a streak that saw a
- Maybe this is the repeat of that?
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