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GBP/JPY tumbles to 1-week lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - GBP/JPY is falling more than 1% on Tuesday, having the worst performance in a month. Recently it reached levels under 184.00 for the first time in a week.

    Weak UK data and a stronger yen

    Growth numbers from the United Kingdom weakened the pound during the European session. According to the first estimate the economy rose 2.3% during the third quarter, slightly below expectations but the data was added to recent reports that pushed makers expectations of a rate hike form the Bank of England further away.

    The yen is among the top performers in the market as stocks in Europe and in the US are falling modestly.

    On European hours the pair broke to the downside after UK data and accelerated the decline below 185.00. Recently bottomed at 183.91, the lowest level since October 19 and it was trading near the lows, still under pressure as GBP/USD fell under 1.5300.

    GBP/JPY technical levels

    To the upside, potential resistance levels could be located at 184.35 (intraday level) 184.95/99 (Asian session low, 20-hour MA) and 185.35. On the opposite direction, support levels might lie at 183.75, 183.35 and 182.70.
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