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3 January 2025,02:37
Trade Of The Day
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3 January 2025, 02:37
* Doves Drive the Pound: The GBP/JPY pair has experienced a significant drop as increasing expectations of a dovish Bank of England (BoE) weigh on the British pound. BoE Governor Andrew Bailey stressed that a “gradual” approach to rate cuts is still suitable, which contrasts with market predictions of fewer rate reductions next year. Additionally, Bailey pointed out that geopolitical risks and trade policy uncertainties, particularly with the possible return of Donald Trump to the White House, could further strain the already weak UK economy, posing further difficulties for the GBP.
* Technical Breakout: GBP/JPY have traded lower following recent breakout below the previous support level 196.450. MACD which illustrate bearish bias signal suggest the pair to likely extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 193.300. Conversely, a potential reversal is also to be expected and the price could head back towards 196.450.
With a relatively quiet economic calendar this week, market sentiment is likely to be the key driver of activity.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and Japan data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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