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GBP/JPY drops below hourly 200-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Sterling continued to slide in the early US, taking the GBP/JPY pair below its hourly 200-MA located at 185.68 levels.

    Weak data weighs over Sterling

    The weaker-than-expected Nov manufacturing PMI released earlier today along with a downward revision of the previous months’s figure continues to hurt Sterling ahead of the US manufacturing PMI release.

    Meanwhile, the moderate weakness in the major European equity markets also added to the bearish pressure on the GBP/JPY cross. As of now, the cross is trading around 185.60 levels.

    GBP/JPY Technical Levels

    The immediate resistance is located at 185.68 (hourly 200-MA), above which the pair could extend gains to 186.00 handle. On the other hand, a failure to rise above hourly 200-MA could trigger a drop to 185.09 (hourly 100-MA).
    For more information, read our latest forex news.

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