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GBP/JPY spikes after UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The bid tone on the Sterling gathered pace after the stellar UK data, pushing the GBP/JPY pair to a high of 186.97 levels.

    Trades at 5-week high

    At 186.80, the pair is trading at its highest level since Oct 22. The UK manufacturing PMI printed at 55.5; 16-month high accompanied by a noticeable increase in the new work inflow from abroad. The previous month’s figure was revised higher as well.

    Meanwhile, the uptick in the European equities kept the bids away from the safe haven/funding currencies like the Yen.

    GBP/JPY Technical Levels

    The immediate resistance is seen at 187.375 (Sep 18 high), above which the gains could be extended to 187.50 (Aug 31 high). A break above could lead to a rally to 188.28 (Sep 17 high). On the lower side, 186.41 (23.6% of 180.36-188.28) could offer support followed by 200-DMA at 185.67.
    For more information, read our latest forex news.
     

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