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GBP/JPY back in green as UK core inflation rises

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The Sterling shorts were squared off immediately after the UK core CPI was reported higher, taking the GBP/JPY back above 187.00 levels.

    Eyes daily high

    The cross is moving towards the daily high of 187.49 as the markets cheer the rise in the core inflation, even though the annualised headline number remained below zero for the second consecutive month. It remains to be seen if the pair manages to take out the double established on the hourly chart at 187.50 levels.

    The US monthly CPI due later today could influence the pair, although the data risks being a non-event in the markets that seems convinced about the December liftoff.

    GBP/JPY Technical Levels

    The immediate resistance at 187.50 and 187.74 (100-DMA), above which gains could be extended to 188.12 (50% of 195.88-180.36). On the other side, support is seen at 187.00 under which losses could be extended to 186.29 (38.2% of 195.88-180.36).
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