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GBP/JPY drops after UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Sterling was offered across the board, taking the GBP/JPY pair to a session low of 182.29 after the UK CPI printed lower than expected.

    Nears key support

    The cross is trading few pips away from 182.26, which is the 61.8% retracement of the move from 180.66-184.85. Sterling came under pressure after the official data in the UK showed the cost of living as represented by the consumer price index (CPI) in September printed at -0.1%. The core inflation also missed estimates to print unchanged at 1.0%.

    Meanwhile, the losses in the European stocks are supporting the safe haven Yen and adding to the bearish move in the pair.

    GBP/JPY Technical Levels

    The immediate support is seen at 182.26 (61.8% of 180.66-184.85), under which losses could be extended to 181.65 (76.4% of 180.66-184.85). On the other side, resistance is seen at 182.75 (50% of 180.66-184.85) and 183.12 (hourly 200-MA).
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