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Chart of the day - GBPJPY (16.02.2021)

8:13 AM 16 February 2021

Quick pace of the UK vaccination process is supporting the British pound. Moreover, Prime MInister Johnson announced that the government will publish a timetable for easing restrictions on February 22. FX pairs tied to GBP extended advance following yesterday. GBPJPY caught a bid following a break above the 144.30 pair and has managed to break above the upper limit of the upward channel yesterday. The pair trades near 147.00 handle at press time and is approaching the resistance zone marked by the December 2019 peak (147.80 area).

Source: xStation5

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