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Dec 3, 2015
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).
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).