24 Jul 2015
GBP/JPY fails to sustain above 192.00
FXStreet (Mumbai) - The corrective rally in the GBP/JPY stalled around 192.20 following which, the GBP bears pushed the cross back below 192.00 levels.
GBP/JPY: On its way to a weekly loss
The sharp sell-off in the GBP after Thursday’s tepid retail sales pushed the GBP/JPY pair lower to 191.64 levels today. Earlier this week, the pair had clocked a high of 193.97. The cross is now down almost 1% on the week.
The US new home sales and manufacturing PMI data due for release today could influence the pair. However, the absence of a major event of first tier economic data releases means the pair is likely to end the week with losses.
GBP/JPY Technical Levels
The spot faces immediate resistance on the hourly chart at 192.46, followed by a major resistance at 193.18 (hourly 200-MA). On the flip side, a break below the immediate support at 191.71 (23.6% Fib of 195.87-184.98) could open doors for a sell-off to 191.00 handle.
GBP/JPY: On its way to a weekly loss
The sharp sell-off in the GBP after Thursday’s tepid retail sales pushed the GBP/JPY pair lower to 191.64 levels today. Earlier this week, the pair had clocked a high of 193.97. The cross is now down almost 1% on the week.
The US new home sales and manufacturing PMI data due for release today could influence the pair. However, the absence of a major event of first tier economic data releases means the pair is likely to end the week with losses.
GBP/JPY Technical Levels
The spot faces immediate resistance on the hourly chart at 192.46, followed by a major resistance at 193.18 (hourly 200-MA). On the flip side, a break below the immediate support at 191.71 (23.6% Fib of 195.87-184.98) could open doors for a sell-off to 191.00 handle.