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GBP/JPY trimmed gains, fell back to 23.6% fib level

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/JPY cross trimmed gains to trade around 169.84 (23.6% of 188.81-163.98) levels, but remains well into the positive territory after upbeat UK GDP data.

    Bounced-off 5-DMA

    The pair bounced-off its 5-DMA earlier today at 168.79 levels and extended gains further after the data in the UK showed the index of services and the GDP figure ticked higher in Q3 as expected. The data brought relief to sterling traders; given the recent slowdown in the service sector indicators.

    However, the major European equities fell into losses and that strengthened the bid tone around Yen. Consequently, the cross turned lower from the high of 170.57 levels.

    GBP/JPY Technical Levels

    The immediate support is located at hourly 100-MA seen at 169.18, under which the pair could drop to 168.79 (5-DMA). On the other hand, a break above 170.57 (daily low) would expose 171.69 (Jan 12 high).
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