12 Dec 2014
GBP/JPY trades higher, UK Construction Output data eyed
FXStreet (Mumbai) - The pound trades higher against the Japanese counterpart after the yen continues its slide against the US dollar.
Currently, the GBP/JPY pair trades at 187.02, up 0.16% on the day. The pair remains vulnerable to downside risk as the GBP Construction output data for October is expected to pull back by -0.4% m/m after it noted 1.8% gain in September, which signals a slowdown in economic activity.
Meanwhile, traders will shift their attention towards S&P and Fitch ratings schedule, as they are scheduled to update their sovereign debt ratings for the UK later today.
GBP/JPY Technical Levels
To the upside, the next resistance is located at 187.21 (100-day SMA) and above which it could extend gains to 188 levels. To the downside, immediate support might be located at 186.38 (50-day SMA) and below that at 186.17 (Dec 3 Low) levels.
Currently, the GBP/JPY pair trades at 187.02, up 0.16% on the day. The pair remains vulnerable to downside risk as the GBP Construction output data for October is expected to pull back by -0.4% m/m after it noted 1.8% gain in September, which signals a slowdown in economic activity.
Meanwhile, traders will shift their attention towards S&P and Fitch ratings schedule, as they are scheduled to update their sovereign debt ratings for the UK later today.
GBP/JPY Technical Levels
To the upside, the next resistance is located at 187.21 (100-day SMA) and above which it could extend gains to 188 levels. To the downside, immediate support might be located at 186.38 (50-day SMA) and below that at 186.17 (Dec 3 Low) levels.