GBP/JPY trims gains ahead of UK data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/JPY pair trimmed gains ahead of the data in the UK, which could show the pace of construction activity slowed down in October.

    Stalls near 23.6% fib level

    The cross ran into offers close to 186.41 (23.6% of 180.36-188.28) levels. Sterling surprised markets as it failed to latch-on to the gains on Monday despite the manufacturing PMI printing at 16-month high. The GBP/JPY pair now trades around 186.20 levels.

    The immediate focus now is on the UK construction PMI report for October. Later today, the sentiment on the Wall Street could influence the JPY pairs.

    GBP/JPY Technical Levels

    The immediate resistance is located at 186.41 (23.6% of 180.36-188.28), above which the cross could target 186.97 (previous day’s high). On the other hand, a failure to break above 186.41 could open doors for a drop to 200-DMA at 185.70.
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