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Forex: GBP/JPY recovers the mark of 151.33/41

FXstreet.com (Barcelona) - The GBP/JPY has edged higher in recent moments, paring the majority of its losses from the 150.56 level (session low). Following the publication of a recent tranche of economic indicators out of the United Kingdom, the pair has recovered the mark of 151.33/41 at the time of writing during European trading, operating just -0.08% today.

Briefing the technicals, the GBP/JPY will encounter calculated resistance at 152.20, followed by 152.86, and finally 153.66. By extension, a move lower will open up supports at 150.74, then 149.94, and ultimately 149.28, notes the Mataf.net analyst team.

According to the ICN.com analyst team, “The GBP/JPY is holding below the 151.60 resistance, failing to break above the level, while RSI signals overbought conditions over the daily, four-hour and hourly timeframes, thus we will continue to anticipate a minor pullback before expecting a bullish move.”

In the United Kingdom, Goods Trade Balance (February) came in at £-9.416B, against estimates of just £8.550B. Moreover, Industrial Production (YoY) has fallen only -2.2% in February, vs. a projected -2.8%. Finally, Manufacturing Production (YoY) contracted -1.4% in February, beating a consensus of -1.5%.

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UK: Annual Industrial Production dips 2.2% in February

Year-over-year UK Industrial Production fell by 2.2% in February, following a 3.1%% drop in January, National Statistics informed on Tuesday. This is a more positive result that the forecasted 2.8% decrease. UK Industrial Production rose by 1% between January 2013 and February 2013, in comparison with the 1.3% decline registered between December 2012 and January 2013 and above expectations of a 0.3% rise.
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