GBP/JPY ignores dismal UK BRC retail sales data, rises to 150.00 levels
- GBP/JPY rises to 150.00 levels on Yen selling.
- Pound turns a blind eye towards the weak UK BRC retail sales data.
Having defended the key rising trend line support, GBP/JPY rose to 150.00 levels, largely on the back of Yen selling.
As of writing, the cross was trading around 149.90. The currency pair staged a solid rebound from the support offered by the Aug. 24 low and Sept. 8 low.
Ignores dismal UK BRC retail sales data
The British Retail Consortium (BRC) data released earlier today showed the sales on a like-for-like basis, which excludes new store openings, dropped 1 percent vs. previous 1.9 percent. The details revealed that the growth in the sales of non-food items was the slowest on record in three months to October.
Still, the British Pound has hardly moved, thus keeping doors open for Yen-led gains in the GBP/JPY pair. The cross may revisit 150.49 (Oct. 23 high) if the equity markets across the globe remain well bid.
GBP/JPY Technical Levels
A move above 150.00 (psychological level) would open up upside towards 150.49 (Oct. 23 low) and 150.90 (Oct. 26 high). On the downside, breach of support at 149.69 (session low) could yield a sell-off to 149.66 (4-hour 200-MA) and 149.53 (4-hour 100-MA).