23 Dec 2014
GBP/JPY erases gains after UK GDP data
FXStreet (Mumbai) - The GBP/JPY pair has declined into the red after the UK third quarter GDP data was confirmed at 2.6%, lower than the estimated 3.00% growth year-on-year.
The pair now trades 0.11% lower at 186.95 levels, after having clocked a high of 187.49 ahead of the UK GDP data. Moreover, a quarter-on-quarter the GDP was confirmed in line with the estimates at 0.7%, although a slowdown in the year-on-year number may have weighed on Pound. Meanwhile, the USD/JPY sits comfortably above the 120.00 handle in an anticipation of an upwardly revised US third quarter GDP, along with a rise in the durable goods orders.
GBP/JPY Technical Levels
The pair has an immediate support located at 186.51, under which losses could be extended to 186.38 (5-DMA) levels. On the other hand, resistance is located at 187.55 and 187.76 levels.
The pair now trades 0.11% lower at 186.95 levels, after having clocked a high of 187.49 ahead of the UK GDP data. Moreover, a quarter-on-quarter the GDP was confirmed in line with the estimates at 0.7%, although a slowdown in the year-on-year number may have weighed on Pound. Meanwhile, the USD/JPY sits comfortably above the 120.00 handle in an anticipation of an upwardly revised US third quarter GDP, along with a rise in the durable goods orders.
GBP/JPY Technical Levels
The pair has an immediate support located at 186.51, under which losses could be extended to 186.38 (5-DMA) levels. On the other hand, resistance is located at 187.55 and 187.76 levels.