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GBP/JPY forex signal - UK Services PMI - 05 Feb 2018

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The UK services PMI data for the month of January will be released today at 09:30 GMT. According to the economists polled, services activity in the UK is expected to remain stable in January with expectations that the index slightly eased to 54.1.

In December, services activity was registered at 54.2. This was an increase from the previous month when services activity fell surprisingly. The pickup in the sector is expected to come amid a strengthening British pound and also the broader pick up in the global economy.

A better than expected print on the services sector could potentially be hawkish for the British pound. The data comes ahead of this week's BoE meeting on Thursday and could also indicate that the UK's economy has remained resilient despite the uncertainty from the Brexit negotiations. The services sector in the UK is one of the biggest contributors to the UK's GDP.

The GBPJPY has cleared posted a top last week as prices touched highs of 156.59. The currency pair then eased from this high. We expect to see that in the short term, GBPJPY could be retracing towards 156.00.

Therefore, we are looking for Long positions at 155.20 targeting 156.00 with stops around 154.86 which marks the low of the doji candlestick that was formed on the 4-hour chart.

forex signal gbpjpy 05 Feb 2018

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion. All risks and coasts associated with online trading are your responsibility.