7 May 2015
GBP/JPY weakens as the UK goes to vote
FXStreet (Mumbai) - The GBP/JPY fell to a low of 181.50 as the UK braces up for the widely expected hung parliament post the general elections today.
Yen could be favored on safe haven appeal
The investors could ditch the British Pound in favor of the Japanese Yen on a high possibility of a hung parliament. The pair was rejected earlier today at 10-DMA and 5-DMA located at 182.15 and 181.79 levels. Moreover, the pair was offered as the European desks entered the markets.
The pair could see wild swings once the voting finishes at 10:00 pm local time. The GBP is likely to witness a rise in volatility as we head towards the election results due tomorrow.
GBP/JPY Technical Levels
The immediate resistance is located at 182.15, above which gains could be extended to 182.77. On the flip side, a break below 181.39 could push the pair down to 180.28.
Yen could be favored on safe haven appeal
The investors could ditch the British Pound in favor of the Japanese Yen on a high possibility of a hung parliament. The pair was rejected earlier today at 10-DMA and 5-DMA located at 182.15 and 181.79 levels. Moreover, the pair was offered as the European desks entered the markets.
The pair could see wild swings once the voting finishes at 10:00 pm local time. The GBP is likely to witness a rise in volatility as we head towards the election results due tomorrow.
GBP/JPY Technical Levels
The immediate resistance is located at 182.15, above which gains could be extended to 182.77. On the flip side, a break below 181.39 could push the pair down to 180.28.