OctaFX | OctaFX Forex Broker
Open trading account

GBP/JPY trades flat ahead of the UK data

FXStreet (Mumbai) - The GBP/JPY pair is trading dead flat around 184.25 levels ahead of the UK services PMI release.

Supported by 23.6% fib level

The cross found support at 184.02 (23.6% of 195.88-180.36) in early Europe. The broad based USD strength is weighing equally over the JPY and the GBP today. Consequently, the GBP/JPY pair is left dead flat ahead of the UK services PMI report.

Post UK data, the Yen could track the movement in the European and US equity markets and thus influence the GBP/JPY cross.

GBP/JPY Technical Levels

The immediate resistance is seen at 184.88 (50-DMA+5-DMA), above which the cross could target 186.02 (Dec 1 high) and 186.21 (200-DMA). On the other side, a break below 184.02 (23.6% of 195.88-180.36) would expose 183.22 (Aug 24 low).

Valuation to limit the US dollar’s upside – ING

Research Team at ING, suggests that the main reason they are not more bullish on the USD in 2016 is the valuation constraint.
Read more Previous

EUR/USD flirting with lows near 1.0580

The single currency is now trading on the defensive vs. the dollar, taking EUR/USD to once again test the 1.0580 region, or daily lows...
Read more Next
Start livechat