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4 Feb 2015
GBP/JPY shrugs-off upbeat UK services PMI report
FXStreet (Mumbai) - The GBP/JPY pair trades largely unchanged around 178.00 levels despite an upbeat services PMI report in the UK.
Trades above hourly 200-SMA
The pair continues to trade above the hourly 20-SMA located at 177.780 levels and hovers around the 5-week average located at 177.90 levels. The British Pound failed to gain momentum despite the UK services PMi report printing 57.2 in January, beating the expected print of 56.3, and up from the prior reading of 55.8.
Moreover, slight gains seen in the GBP/USD pair were capped by the USD/JPY pair, which fell to 117.26 levels on weak Treasury yields.
GBP/JPY Technical Levels
The immediate support is seen at 117.638 (10-DMA), under which losses could be extended to 177.40 (200-DMA) levels. Meanwhile, resistance is seen at 178.30 and 178.80 levels.
Trades above hourly 200-SMA
The pair continues to trade above the hourly 20-SMA located at 177.780 levels and hovers around the 5-week average located at 177.90 levels. The British Pound failed to gain momentum despite the UK services PMi report printing 57.2 in January, beating the expected print of 56.3, and up from the prior reading of 55.8.
Moreover, slight gains seen in the GBP/USD pair were capped by the USD/JPY pair, which fell to 117.26 levels on weak Treasury yields.
GBP/JPY Technical Levels
The immediate support is seen at 117.638 (10-DMA), under which losses could be extended to 177.40 (200-DMA) levels. Meanwhile, resistance is seen at 178.30 and 178.80 levels.