Chart of the day - GBPJPY (12.02.2021)

10:05 AM 12 February 2021

GBP is one of the best performing major currencies today. British pound received a small boost from the release of the UK Q4 GDP. Data showed 1% QoQ expansion compared to expected 0.5% QoQ increase. Better-than-expected results were driven by higher government spending. GBPJPY is trading at the mid-term resistance zone at 144.70. Breaking above this zone would put the pair at the fresh one-year highs. On the other hand, should bulls fail to do so, GBPJPY may pull back towards the lower limit of the Overbalance structure at 141.10.

Source: xStation5

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