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Forex: GBP/JPY testing the 153.00 barrier

FXstreet.com (Barcelona) - The GBP/JPY experienced a mild pullback Wednesday, having fallen lower towards the 153.00 barrier during European trading. The pair ultimately rescinded nearly 18 pips on the heels of upbeat economic data out of the United Kingdom. Having fallen lower, the cross is now in a position to test the 153.00 level, whilst incurring a relatively small loss of -0.16% thus far.

According to the ICN.com Technical Analyst Team, “The GBP/JPY bounced after testing the previously broken resistance at 153.80, which now doubles as support now. As such, a bullish scenario remains valid so long as a prolonged plunge is prevented.”

Mataf.net analysts point to supportive means for the GBP/JPY at 152.41, ahead of 151.81, and ultimately 150.89. Conversely, a break above the 153.93 handle will initiate resistance at 154.84 and 155.85.

In the United Kingdom, Halifax House Prices (3m/YoY) came in at +2.0% in April, against expectations of only +1.6%. Moreover, Halifax House Prices (MoM) boasted a growth of +1.1% in April, vs. projections calling for only +0.1%.

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