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GBP/JPY trading above 23.6% Fibo level ahead of UK data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The GBP/JPY is trading above 160.32 (23.6% of 175.02-155.78) levels ahead of the data in the UK, which could show the service sector growth slowed slightly in February.

    Rejected at 161.00

    The cross was rejected at 161.00 levels as the bid tone around JPY recovered slightly amid signs off risk-off in European stocks. The pair rose to 8-day high despite dismal UK manufacturing and construction PMI release.

    Moreover, the risk-on in the financial markets and upbeat US data ensured the JPY was offered across the board. The immediate focus now is on the UK services PMI figure.

    GBP/JPY Technical Levels

    The immediate hurdle is seen at 161.00 (daily high), above which the cross could target 161.65 (Feb 12 low). On the other hand, a break below 160.32 (23.6% of 175.02-155.78) could see the prices drift lower to 158.80 (5-DMA).
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