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GBP/JPY hovers around 38.2% Fibo

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/JPY snapped three-day winning streak in Asia and now trades weak around 173.46 (38.2% of 188.81-163.98).

    Awaits UK data

    The currency pair awaits the UK construction PMI number for January, which is likely to show the pace of expansion remained largely unchanged. Traders would also keep an eye on the employment growth in the construction sector, although it may not significantly influence Sterling.

    Meanwhile, the risk sentiment across Europe and the action in the oil prices could influence the demand for the safe haven Yen.

    GBP/JPY Technical Levels

    The immediate resistance is seen at 174.17 (Friday’s high), above which the cross could target 174.88 (Apr 14 low). On the other hand, a break below 173.26 (hourly 50-MA) would open doors for a slide to 171.71 (hourly 100-MA).
    For more information, read our latest forex news.
     

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