In the European morning on Friday, GBP/JPY continues its recovery momentum and is climbing towards the 169.000 level after the release of UK data indicating a 0.1% growth in Q1 GDP. Additionally, both Industrial Production and Manufacturing Production saw expansions of 0.7% in March. On the technical side, GBP/JPY experienced a rebound on the dynamic trendline that is in conjunction with the 61.8% Fibonacci level. Notably, the dynamic trendline has served as a support in the past and allowed the price to rebound. With this in mind, our idea revolves around a fresh long impulse towards the maintrend in a pure swing trading setup.
Trade active
The GBP/JPY appears to be continuing its bullish rally, with the immediate target of 171.000 within reach.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.