GBP/JPY sees little action after UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/JPY pair extended the recovery from the multi-year lows to trade around 165.00 handle after a slightly upbeat UK labor data.

    Bearish mood intact

    The bearish mood surrounding the British Pound remains intact despite of a drop in the unemployment rate and a better-than-expected claimant count change. The average hourly earnings also slowed; however, the slowdown was not as sharp as expected.

    Meanwhile, the bid tone around JPY also remains intact due to the risk aversion in the European equity markets.

    GBP/JPY Technical Levels

    The immediate resistance is seen at 165.12 (hourly 5-MA), above which the cross could target 167.04 (hourly 50-MA). A break below 163.88 (Feb 2014 low) would open doors for a drop to 159.51 (monthly 50-MA).
    For more information, read our latest forex news.

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