27 Nov 2015
GBP/JPY stays around lows, poised for weekly loss
FXStreet (Mumbai) - The GBP/JPY pair recovered to 184.50, but quickly fell back after the UK GDP report and the weekly loss now appears a done deal now.
UK GDP: Upbeat details
The second estimate of the UK Q3 GDP left the growth rate unchanged as expected, but the details were slightly upbeat. Private consumption, business investment, gross fixed capital formation were revised higher. But the response in Sterling was anything but strong.
Meanwhile, the losses in the European stocks is keeping the Yen in demand. The pair stays below 50-DMA and well below the weekly opening rate of 186.51.
GBP/JPY Technical Levels
At 184.40, the immediate support is located at 184.00, under which the losses could be extended to 183.22 (Aug 24 low). On the other side, resistance is located at 184.85 (50-DMA), above which gains could be extended to 185.54 (5-DMA).
UK GDP: Upbeat details
The second estimate of the UK Q3 GDP left the growth rate unchanged as expected, but the details were slightly upbeat. Private consumption, business investment, gross fixed capital formation were revised higher. But the response in Sterling was anything but strong.
Meanwhile, the losses in the European stocks is keeping the Yen in demand. The pair stays below 50-DMA and well below the weekly opening rate of 186.51.
GBP/JPY Technical Levels
At 184.40, the immediate support is located at 184.00, under which the losses could be extended to 183.22 (Aug 24 low). On the other side, resistance is located at 184.85 (50-DMA), above which gains could be extended to 185.54 (5-DMA).