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    Market analysis GBP/JPY Outlook (23 September 2020)

    Related product:Forex
    Market analysis:Overall, GBP/JPY is trending downwards.

    Yesterday, UK Prime Minister Boris Johnson announced new COVID-19 restrictions for England that will last for 6 months. Johnson also encouraged people to work from home whenever possible to slowdown the spread of COVID-19.

    Also, during his webinar yesterday, Bank of England (BoE) Governor Andrew Bailey mentioned that the central bank has looked into the possibility of cutting interest rate further into the negative level. Nonetheless, he emphasized that this does not imply the certainty of applying negative interest rate, thus downplaying the possibility.

    The UK flash PMI data will be released later at 1630 (SGT).
    -Flash Manufacturing PMI (Forecast: 54.3, Previous: 55.2 revised 55.3)
    -Flash Services PMI (Forecast: 57.0, Previous: 58.8 revised from 60.1)

    Currently, GBP/JPY is testing the support zone of 133.780 and the next resistance zone of 136.200.
    Look for selling opportunities of GBP/JPY if it breaks the support zone of 133.780.

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