GBP/JPY trades below 184.00 after BOE rate decision

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - Sterling was offered after the BOE left rates unchanged, pushing the GBP/JPY to 183.59; its lowest since Oct 16th.

    Trades below key Fibo levels

    The cross now trades below 184.02 (23.6% Fibo of 195.88-180.36) and appears poised to extend losses; especially if the US stock markets trade risk averse. Moreover, the risk aversion would increase demand for the safe haven Yen.

    At the moment, it is the drop in the Cable that is pushing the cross lower. Later in the day, the action in the US stocks could influence Yen crosses.

    GBP/JPY Technical Levels

    The immediate support is located at 182.90 (61.8% of 174.88-195.88), under which the cross could target 182.00 levels. On the other hand, a break above 184.02 could open doors for a re-test of the daily high at 184.97 levels.
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