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GBP/JPY stays around lows, poised for weekly loss

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/JPY pair recovered to 184.50, but quickly fell back after the UK GDP report and the weekly loss now appears a done deal now.

    UK GDP: Upbeat details

    The second estimate of the UK Q3 GDP left the growth rate unchanged as expected, but the details were slightly upbeat. Private consumption, business investment, gross fixed capital formation were revised higher. But the response in Sterling was anything but strong.

    Meanwhile, the losses in the European stocks is keeping the Yen in demand. The pair stays below 50-DMA and well below the weekly opening rate of 186.51.

    GBP/JPY Technical Levels

    At 184.40, the immediate support is located at 184.00, under which the losses could be extended to 183.22 (Aug 24 low). On the other side, resistance is located at 184.85 (50-DMA), above which gains could be extended to 185.54 (5-DMA).
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