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18 Mar 2015
GBP/JPY back below 200-DMA
FXStreet (Mumbai) - The GBP/JPY pair is back below its 200-DMA located at 178.97 after having faced rejection at 179.12 levels.
GBP/JPY: BOE minutes could drive the pair lower
The British Pound could extend losses if the Bank of England minutes due for release today shows no policy maker expects rate hike in 2015. Last time the minutes had shown a 9-0 unanimous vote for keeping rates unchanged, while two policymakers felt "there may well be a case" for raising rates in 2015. If the support for a probable rate hike in 2015 does not exist in minutes this time, then the pair could fall sharply along with a similar drop in the UK Gilt yields.
GBP/JPY Technical Levels
The immediate support is seen at 178.52, under which losses could be extended to 178.22 levels. On the flip side, resistance is seen at 179.12 (5-DMA) and 179.80 levels.
GBP/JPY: BOE minutes could drive the pair lower
The British Pound could extend losses if the Bank of England minutes due for release today shows no policy maker expects rate hike in 2015. Last time the minutes had shown a 9-0 unanimous vote for keeping rates unchanged, while two policymakers felt "there may well be a case" for raising rates in 2015. If the support for a probable rate hike in 2015 does not exist in minutes this time, then the pair could fall sharply along with a similar drop in the UK Gilt yields.
GBP/JPY Technical Levels
The immediate support is seen at 178.52, under which losses could be extended to 178.22 levels. On the flip side, resistance is seen at 179.12 (5-DMA) and 179.80 levels.