OctaFX | OctaFX Forex Broker
Open trading account
Back

GBP/JPY taking a rest bite on 170 handle

FXStreet (Barcelona) - GBP/JPY is trading at 170.44, up 0.11% on the day, having posted a daily high at 170.56 and low at 170.23.

GBP/JPY has gathered itself having bottomed out on the 170 handle having lost enough ground for one day from 172.10. The pair is suffering on the back of softer risk sentiment and a set of UK data that took the shine out of Sterling. The core CPI read far lower than expectations arriving at 1.5% y/y in September vs 1.8% expected. Markets may begin to discount the possibility of any earlier than forecasted rate hikes from the BoE where otherwise expectations were for the start of 2015.

GBP/JPY noteworthy levels

Spot is presently trading at 170.45, and next resistance can be seen at 170.56 (Daily High), 170.83 (Hourly 20 EMA), 170.90 (Daily Classic S2), 171.02 (Weekly Classic S2) and 171.38 (Daily Classic S1). Support below can be found at 170.26 (Daily Open), 170.23 (Daily Low), 170.07 (Daily Classic S3), 169.93 (Yesterday's Low) and 169.30 (Weekly Classic S3).

Key events on Wednesday - Westpac

Sean Callow, FX Strategist at Westpac, reviews the day ahead, paying special attention to ECB's Draghi speech, UK jobs as well as US retail sales.
Read more Previous

Australia: GDP forecasts revised down modestly - NAB

Alan Oster, Group Chief Economist at National Australia Bank, shares the bank's view on the Austalian economy, noting that GDP forecasts were revised down modestly: 2014/15 2.8% (was 2.9%) and 2015/16 3.2% (was 3.4%).
Read more Next
Start livechat