23 Mar 2015
GBP/JPY bounces-off lows, climbs towards 179
FXStreet (Mumbai) - GBP/JPY recovered partial losses in the mid-European session, returning towards 179 levels, as the pound was heavily sold-off versus the yen as traders now turn their focus on Tuesday’s UK CPI figures for fresh cues.
GBP/JPY rebounds from 178.16 levels
Currently, the GBP/JPY cross traded lower by -0.42% at 178.82 levels, witnessing a sharp recovery from 178.16 levels and bounces in a bid to regain 179. The cross in GBP/JPY came under pressure after the pound was smashed across the board on uncertainties surrounding UL elections and also as traders now await UK consumer prices report due tomorrow, with headwinds expected after the imprint hit a record low of 0.3% in January.
On the other hand, a weakening USD/JPY also added to the losses in the GBP/JPY cross as the US dollar fell back in to red versus the yen, dragging the cross lower.
As of writing, USD/JPY trades lower by -0.14% at 119.86 levels, while GBP/USD trades lower by -0.22% at 1.4921.
GBP/JPY Levels to consider
To the upside, the next resistance is located at 179 and above which it could extend gains to at 179.68 levels. To the downside immediate support might be located at 178.16 levels below that at 177.87 levels.
GBP/JPY rebounds from 178.16 levels
Currently, the GBP/JPY cross traded lower by -0.42% at 178.82 levels, witnessing a sharp recovery from 178.16 levels and bounces in a bid to regain 179. The cross in GBP/JPY came under pressure after the pound was smashed across the board on uncertainties surrounding UL elections and also as traders now await UK consumer prices report due tomorrow, with headwinds expected after the imprint hit a record low of 0.3% in January.
On the other hand, a weakening USD/JPY also added to the losses in the GBP/JPY cross as the US dollar fell back in to red versus the yen, dragging the cross lower.
As of writing, USD/JPY trades lower by -0.14% at 119.86 levels, while GBP/USD trades lower by -0.22% at 1.4921.
GBP/JPY Levels to consider
To the upside, the next resistance is located at 179 and above which it could extend gains to at 179.68 levels. To the downside immediate support might be located at 178.16 levels below that at 177.87 levels.