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GBP/JPY drops below 161.00 after UK PMI data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    A weaker-than-expected UK PMI manufacturing PMI is keeping GBP/JPY under pressure below 161.00 handle.

    Rejected at 161.73

    The cross was rejected at 161.73 (falling trend line resistance on the daily chart) following which it fell to a low of 160.81 before recovering to 161.33 ahead of the UK PMIO release.

    The headline figure missed estimates and stayed around 34-month low in March. Meanwhile, sharp losses in the FTSE and other European equity markets kept the bid tone around JPY intact. Consequently, the cross is now trading around 160.88 levels.

    GBP/JPY Technical Levels

    The immediate support is seen at 160.62 (10-DMA), under which the losses could be extended to 160.00 levels. On the other hand, a break above 161.56 (5-DMA) would expose 163.16 (50-DMA).
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