6 Mar 2014
GBP/JPY bulls stopped at the resistance of 170.60
FXStreet (Moscow) - GBP/JPY spiked to the current asian high at 171.62, but the upside was not sustained and the cross stalled at the current levels of 107.58.
In hopes to get something new from BOE
If everything goes according to the plan, GBP/JPY will finish the week deeply in green after a prolonged period of dull consolidation. This cross has been one of the best performers among the JPY-crosses as it gained nearly 50 pips during the day and settled right at the resistance of 171.00. Positive UK macro economic data has been the driving force behind the pound upside as it increase the chances that the Bank of England will raise the rate rather sooner than later. Today we are waiting for the Bank of England monetary policy decision and MPC rate statement. It is likely to be a non-event, as usual, though investors will dig into the statement in hopes to find some hints about the MPC intentions. The key levels to watch: 171.00 on the upside and 170.30 on the downside/
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 170.86, with support below at 170.30, 169.60, and 169.04, with resistance above at 171.56, 172.12 and 172.82. Hourly Moving Averages are bullish, with the 200SMA at 170.34 and the daily 20EMA at 170.03. Hourly RSI is neutral at 65.
In hopes to get something new from BOE
If everything goes according to the plan, GBP/JPY will finish the week deeply in green after a prolonged period of dull consolidation. This cross has been one of the best performers among the JPY-crosses as it gained nearly 50 pips during the day and settled right at the resistance of 171.00. Positive UK macro economic data has been the driving force behind the pound upside as it increase the chances that the Bank of England will raise the rate rather sooner than later. Today we are waiting for the Bank of England monetary policy decision and MPC rate statement. It is likely to be a non-event, as usual, though investors will dig into the statement in hopes to find some hints about the MPC intentions. The key levels to watch: 171.00 on the upside and 170.30 on the downside/
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 170.86, with support below at 170.30, 169.60, and 169.04, with resistance above at 171.56, 172.12 and 172.82. Hourly Moving Averages are bullish, with the 200SMA at 170.34 and the daily 20EMA at 170.03. Hourly RSI is neutral at 65.