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GBP/JPY trades flat ahead of the UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/JPY pair is trading dead flat around 184.25 levels ahead of the UK services PMI release.

    Supported by 23.6% fib level

    The cross found support at 184.02 (23.6% of 195.88-180.36) in early Europe. The broad based USD strength is weighing equally over the JPY and the GBP today. Consequently, the GBP/JPY pair is left dead flat ahead of the UK services PMI report.

    Post UK data, the Yen could track the movement in the European and US equity markets and thus influence the GBP/JPY cross.

    GBP/JPY Technical Levels

    The immediate resistance is seen at 184.88 (50-DMA+5-DMA), above which the cross could target 186.02 (Dec 1 high) and 186.21 (200-DMA). On the other side, a break below 184.02 (23.6% of 195.88-180.36) would expose 183.22 (Aug 24 low).
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