GBP/JPY stranded around 173.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The battle between the Sterling bulls and risk-off demand for JPY is capping gains in the GBP/JPY pair around 173.10 levels.

    Sterling buoyed by service sector PMI

    The bid tone around Sterling remains intact after the service sector PMI bettered estimates and pointed to a faster expansion of activity in January. The currency is scoring gains against most other majors, but has failed to take out post-UK data high due to risk-off in Europe.

    The weakness in the stock markets is helping the Yen restrict losses. Consequently, the pair is struggling around 173.00 levels.

    GBP/JPY Technical Levels

    The immediate resistance is seen at 173.46 (38.2% of 188.81-163.98), above which the prices could test a major hurdle at 175.02 (Feb 1 high). On the other hand, a break below 171.96 (5-DMA) would expose 170.77 (10-DMA).
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