9 Jul 2013
GBP/JPY tumbles
FXstreet.com (London) - GBP/JPY has dropped from 151.50 and lost 100 pips on poor UK data.
GBP/JPY is moving big figures on data releases and today is no exception. UK data came in as Industrial Production yoy 12.3% vrs -1.5% consensus. Then Manufacturing Production yoy arrived -2.9 vrs a -1.6% consensus. Trade Balance, non EU disappointed by over £500m and Goods Trade Balance was £20m wider than consensus. GBP/JPY now looks to towards ceiling the gap and to resume below the 150.000 handle, but such a move could be dependant on a weaker dollar. USD/JPY remains bid this session, supporting GBP/JPY.
GBP/JPY supported until 149.60
GBP/JPY remains in an ascending channel, despite the bearishness circling the pound. The ascending channel support line is supporting the pair at 149.60 and a break of this, with closing sticks below would be particularly bearish for the pair. Next key support levels will be found at 148.90 and then in the 147.50 region for a correction.
GBP/JPY is moving big figures on data releases and today is no exception. UK data came in as Industrial Production yoy 12.3% vrs -1.5% consensus. Then Manufacturing Production yoy arrived -2.9 vrs a -1.6% consensus. Trade Balance, non EU disappointed by over £500m and Goods Trade Balance was £20m wider than consensus. GBP/JPY now looks to towards ceiling the gap and to resume below the 150.000 handle, but such a move could be dependant on a weaker dollar. USD/JPY remains bid this session, supporting GBP/JPY.
GBP/JPY supported until 149.60
GBP/JPY remains in an ascending channel, despite the bearishness circling the pound. The ascending channel support line is supporting the pair at 149.60 and a break of this, with closing sticks below would be particularly bearish for the pair. Next key support levels will be found at 148.90 and then in the 147.50 region for a correction.