13 Jan 2015
GBP/JPY weakens ahead of UK CPI data
FXStreet (Mumbai) - The GBP/JPY pair inched lower ahead of the UK CPI data, which is likely to show the cost of living in UK eased in December.
The pair currently trades 0.26% lower at 179.11, compared to the previous session’s close at 179.57 levels. Moreover, the pair clocked a high of 180.06 earlier today, although gains could not be sustained since the USD/JPY fell 0.45% from the day’s high tracking the weakness in the treasury yields. Furthermore, the GBP/USD pair also declined as markets price-in a weak UK CPI print for December. Thus, the GBP/JPY cross has been driven lower ahead of the UK data. Markets see December CPI at 0.7% year-on-year, versus the November’s 1.0%.
GBP/JPY Technical Levels
The pair has an immediate resistance located at 179.70 (5-DMA), above which gains could be extended to 180.06 levels. Meanwhile, support is seen at 179.00 and 178.68 levels.
The pair currently trades 0.26% lower at 179.11, compared to the previous session’s close at 179.57 levels. Moreover, the pair clocked a high of 180.06 earlier today, although gains could not be sustained since the USD/JPY fell 0.45% from the day’s high tracking the weakness in the treasury yields. Furthermore, the GBP/USD pair also declined as markets price-in a weak UK CPI print for December. Thus, the GBP/JPY cross has been driven lower ahead of the UK data. Markets see December CPI at 0.7% year-on-year, versus the November’s 1.0%.
GBP/JPY Technical Levels
The pair has an immediate resistance located at 179.70 (5-DMA), above which gains could be extended to 180.06 levels. Meanwhile, support is seen at 179.00 and 178.68 levels.