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GBPJPY Snaps Winning Streak, Declines 0.60%

GBP
  • Sterling continues to trade on a softer note since the weaker set of July retail sales data, alongside Front Gilt futures gapping up 64 ticks at the open - that's the strongest open since Jul 19th's 88 ticks. Cable sits around 0.22% lower on the session but has yet to test Thursday’s low print of 1.2703. The trend direction for GBPUSD remains down with the Aug 14 low of 1.2621 marking the short-term bear trigger.
  • GBPJPY is the most notable mover, registering losses of 0.60% on Friday, having snapped an eight day winning streak on Thursday. The early July highs around 184.00 should act as initial support here.
  • In similar vein, EURGBP tilts higher following five straight days of declines. Importantly, the cross broke key short-term support on Thursday at 0.8544, the Jul 27 low. A sustained break over coming sessions would strengthen current bearish conditions and signal scope for weakness towards 0.8504, the Jul 11 low and a bear trigger.
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