18 Feb 2015
GBP/JPY holds above 50% Fib level ahead of UK data
FXStreet (Mumbai) - The GBP/JPY pair is trading above the 50% retracement (189.68-175.51) level at 182.57 ahead of the data in the UK which could show jobless claims declined in January.
Rising US rates and strong data could push GBP/JPY higher
The Japanese Yen could stay weak as the Treasury yields in the US strengthen in anticipation of the hawkish Federal Reserve minutes due for release later today. Meanwhile, a fall of another 25K in the UK jobless claims coupled with a slightly hawkish Bank of England minutes could help the British Pound recover losses against the US dollar.
Consequently, the GBP/JPY cross could rise well above 183.00 levels. The pair currently trades 182.91; down 0.08% for the day.
GBP/JPY Technical Levels
The immediate resistance is seen at 183.37, above which the pair could rise to 184.26 levels. On the flip side, support is seen at 182.57 and 182.37 (100-DMA).
Rising US rates and strong data could push GBP/JPY higher
The Japanese Yen could stay weak as the Treasury yields in the US strengthen in anticipation of the hawkish Federal Reserve minutes due for release later today. Meanwhile, a fall of another 25K in the UK jobless claims coupled with a slightly hawkish Bank of England minutes could help the British Pound recover losses against the US dollar.
Consequently, the GBP/JPY cross could rise well above 183.00 levels. The pair currently trades 182.91; down 0.08% for the day.
GBP/JPY Technical Levels
The immediate resistance is seen at 183.37, above which the pair could rise to 184.26 levels. On the flip side, support is seen at 182.57 and 182.37 (100-DMA).