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23 Feb 2015
GBP/JPY finds resistance at 183.50
FXStreet (Córdoba) - GBP/JPY failed to hold above 183.00 and recently broke below Asian session lows located at 182.85 and printed a fresh low at 182.82, as the GBP/USD drops to test Friday’s lows.
Earlier GBP/JPY climbed toward 183.50, where Friday’s American session lie but it was unable to break higher and lost strength. Initially pulled back to 183.15 but then accelerated below and currently trades near the low at 182.85, almost 50 pips below Friday’s closing price.
On Friday, the pair managed to make a strong recovery rising from 181.65 to 183.30. The rally pushed the pound to positive territory for the week. “Also worth noting last week, UK data and monetary policy statements were seen as positive overall and helped the Pound trade last week up to its strongest levels since the start of 2015 against the US Dollar, and multi-year highs against the Euro. In fact, the Pound was a top performer in the G10 space”, explained analysts from Investec.
Earlier GBP/JPY climbed toward 183.50, where Friday’s American session lie but it was unable to break higher and lost strength. Initially pulled back to 183.15 but then accelerated below and currently trades near the low at 182.85, almost 50 pips below Friday’s closing price.
On Friday, the pair managed to make a strong recovery rising from 181.65 to 183.30. The rally pushed the pound to positive territory for the week. “Also worth noting last week, UK data and monetary policy statements were seen as positive overall and helped the Pound trade last week up to its strongest levels since the start of 2015 against the US Dollar, and multi-year highs against the Euro. In fact, the Pound was a top performer in the G10 space”, explained analysts from Investec.