20 Feb 2015
GBP/JPY struggles ahead of UK data
FXStreet (Mumbai) - The GBP/JPY pair erased gains to trade lower ahead of the data in the UK, which is likely to show retail sales contracted in January.
Pair stuck at technical resistance
The GBP/JPY pair has repeatedly struggled to sustain gains above 183.59 levels since Feb 11th. Similar action was being witnessed today after the pair declined from a high of 183.64 levels. The pair took a dip ahead of the data in the UK, which could show retail sales contracted 0.2% month-on-month in January compared to the 0.4% rise seen in December.
GBP/JPY Technical Levels
The immediate resistance is seen at 183.59, above which gains could be extended to 184.25 levels. On the flip side, support is seen at the 5-DMA located at 182.99, under which losses could be extended to the 100-DMA located at 182.57.
Pair stuck at technical resistance
The GBP/JPY pair has repeatedly struggled to sustain gains above 183.59 levels since Feb 11th. Similar action was being witnessed today after the pair declined from a high of 183.64 levels. The pair took a dip ahead of the data in the UK, which could show retail sales contracted 0.2% month-on-month in January compared to the 0.4% rise seen in December.
GBP/JPY Technical Levels
The immediate resistance is seen at 183.59, above which gains could be extended to 184.25 levels. On the flip side, support is seen at the 5-DMA located at 182.99, under which losses could be extended to the 100-DMA located at 182.57.