Yesterday at a glance: Pound-Yen dipped as low as 165.5 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session (167) with GBP/JPY closing the day at 166.89.
While price action maintains a negative bias, United Kingdom Manufacturing PMI released yesterday at 08:30 UTC with a figure of 46.6, while the previous figure was 47.9. United Kingdom Services PMI came out at 54.9, while a consensus of analysts was expecting 53. United Kingdom Composite PMI came out at 53.9, while a consensus of analysts was expecting 52.6.
Though Pound-Yen has been dropping, other pairs have been performing better: GBP/NZD is trading around 2.0269 after ending yesterday's session at 2.0122 (up 0.73% today). EUR/NZD is trading around 1.7902 after ending yesterday's session at 1.7752 (up 0.85% today). EUR/AUD is trading around 1.6419 after ending yesterday's session at 1.6265 (up 0.94% today).
The currency pair has been trending positively for about 2 months. Having established significant support at 144.6 approximately 6 months ago, Pound-Yen's share price has bounced 15.47% higher.