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GBP/JPY drops below 185.00 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/JPY pair is trading moderately weak below 185.00 handle ahead of the UK factory output and trade balance data.

    Awaits UK data

    The cross was rejected earlier today at 185.25 (38.2% of 180.36-188.28) following which it fell below 185.00 levels. The data in the UK is expected to show the Industrial production growth slowed in September. A minor squeeze in September trade deficit is also expected.

    At the moment, the pair is trading around 184.95. The losses in the pair are being capped by a rise in the USD/JPY pair to near 122.00 levels.

    GBP/JPY Technical Levels

    The immediate support is seen at 184.32 (50% of 180.36-188.28), under which the losses could be extended to 184.00 handle. On the higher side, a break above 185.25 (38.2% of 180.36-188.28) would open doors for a re-test of 185.82 (200-DMA).
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