Forex traders will get a swath of UK economic data today which is expected to move the British Pound as the election campaign heats up. GDP data will be front-and-center, together with industrial and manufacturing and production data where economists expected a contraction. Countering this could be an increase in the services sector, construction output and trade data will also be announced. How will this impact price action in the GBPJPY? Today’s fundamental analysis will take a look at price action in both directions.

Japanese data released this morning showed a negative economic environment with an unexpected contraction in machine orders and a smaller than expected account as well as trade surplus. The ECO Watchers Current Index plunged, but the outlook improved while bank lending remained stable. The Japanese Yen was able to advance despite the economic data set as trade optimism is fading. How will the GBPJPY react to today’s UK data? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.