5 Mar 2015
GBP/JPY falls below a key Fibo level
FXStreet (Mumbai) - The GBP/JPY extended sell-off on Thursday to trade below the 50% Fib retracement (189.68-175.48) located at 182.58.
Pound to track movement in the EUR
The British Pound is likely to take cues from the movements in the shared currency in the absence of fresh economic data out of the UK. A weaker-than-expected UK services PMI data on Wednesday did trigger a sell-off in the GBP pairs, although, the fall was exaggerated due to the fall in the EUR/USD to the levels last seen in 2003. The weakness in the European equities could also weigh on the GBP/JPY pair.
GBP/JPY Technical Levels
The pair currently trades at 182.51. The immediate resistance is seen at 182.58, above which gains could be extended to 183.03 (100-MA). On the flip side, support is seen at 182.00 and 181.62 (Dec. 16 low).
Pound to track movement in the EUR
The British Pound is likely to take cues from the movements in the shared currency in the absence of fresh economic data out of the UK. A weaker-than-expected UK services PMI data on Wednesday did trigger a sell-off in the GBP pairs, although, the fall was exaggerated due to the fall in the EUR/USD to the levels last seen in 2003. The weakness in the European equities could also weigh on the GBP/JPY pair.
GBP/JPY Technical Levels
The pair currently trades at 182.51. The immediate resistance is seen at 182.58, above which gains could be extended to 183.03 (100-MA). On the flip side, support is seen at 182.00 and 181.62 (Dec. 16 low).