GBP/JPY hovers around 160 ahead of UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Strong offered tone around JPY is making sure the GBP/JPY cross stays around 160.00 handle, despite Cable sliding below 1.41 handle.

    Awaits UK data and Budget statement

    Traders await UK employment and wage growth data which could affect BOE rate cut bets. Meanwhile, traders would also keep an eye on budget statement that shall be accompanied by economic forecasts. These will be referenced by BOE statement tomorrow.

    As of now, British Pound is being offered on renewed Brexit fears. However, USD/JPY is on the rise ahead of Fed and that is helping the cross avoid falling below 160.00 levels.

    GBP/JPY Technical Levels

    The cross currently trades around 160.25 with immediate hurdle at 160.72 (Mar 10 high), which if toppled could see the cross test resistance at 161.66 (5-DMA). On the other hand, a break below 160 (zero figure) would expose 159.51 (23.6% of 175.02-154.72).
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