UK GfK Consumer Confidence remained unchanged at -14, but the Lloyds Business Barometer rose. Forex traders will now await housing and consumer credit data due to be released during the European morning trading session. The GBPJPY has rallied strongly as the UK election is approaching. Will bulls force a breakout and continue to advance or will bears pressure for a breakdown? Subscribe to the PaxForex Daily Fundamental Analysis and grow your balance trade-by-trade.

Japanese industrial production contracted more than expected in the latest sign that the global economy has not found a bottom yet and more pain is expected. The labor market remained tight and consumer confidence rose more than economists anticipated but remains at depressed levels. Housing starts contracted less than forecasted with stable construction orders. How will the GBPJPY react following the release of more UK data? Today’s fundamental analysis will take a look at the upside potential as well as the downside risk in this currency pair.