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GBP/JPY hits 20-day low

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Fresh wave of selling in the already weakened British Pound, pushed the GBP/JPY cross to a 20-day low of 158.75 levels in the US session.

    Terror attacks and Brexit fears weigh

    GBP fell in early Europe after report of terror attacks in Brussels hit the wires. The resulting flight to safety also strengthened the Japanese Yen. Furthermore, slower-than-expected rise in inflation also weighed over Sterling.

    Meanwhile, markets are also punishing Pound for growing prospects of Brexit. Consequently, the GBP/JPY cross fell to lowest since March 1 and appears on track to extend losses heading into the NY closing.

    GBP/JPY Technical Levels

    The immediate support is seen at 158.00 (zero figure), under which the cross could drop to 156.12 (Mar 1 low). On the flip side, a break above 159.51 (23.6% of 175.02-154.72) would open doors for a rise to 160.52 (5-DMA) levels.
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