GBP/JPY at fresh session highs after UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/JPY pair dropped to 182.74, before rushing back to a fresh session high of 183.55 levels after the UK data showed a drop in the unemployment rate but a slowdown in the wage growth.

    Sterling in demand

    The drop in the UK unemployment rate to its lowest level since 2008 has triggered a broad based rally in sterling. The markets so far have ignored the slight slowdown in the UK wage growth and the uptick in the jobless claims.

    The pair took out the hourly 100-MA and 50-MA, but is having a tough time extend gains further as the Japanese Yen finds buyers amid the losses in the European equities.

    GBP/JPY Technical Levels

    The immediate resistance is seen at 183.73 (hourly 100-MA), followed by a hurdle at 183.86 (23.6% of 180.66-184.85) and 184.00 levels. On the lower side, support is seen at 183.34 (hourly 50-MA), 183.25 (hourly 200-MA & 38.2% of 180.66-184.85), under which the pair could re-test 183.00 handle.
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