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3 Apr 2015
GBP/JPY trades below 10-DMA
FXStreet (Mumbai) - GBP/JPY broke its hourly side trend channel and edged lower in the European session, largely on persistent weakness seen in the British pound amid election uncertainties and on the recent weak UK macro data release.
GBP/JPY slips from 177.60
Currently, the GBP/JPY cross trades lower by -0.10% at 177.37 levels, recovering from session lows posted at 177.26 levels an hour ago. The cross in GBP/JPY remains pressured as the pound continues to remain undermined by a deteriorating construction sector in the UK after the PMI dropped more than expected and uncertainties surrounding UK elections.
Meanwhile, USD/JPY trades lifeless below 120 handle, absolutely unmoved from Asia as traders keenly watch US payrolls data, which are expected to come out at 245,000 and should set a fresh direction for currency markets.
GBP/JPY Levels to consider
To the upside, the next resistance is located at 177.57 (10-DMA) and above which it could extend gains to at 178 levels. To the downside immediate support might be located at 177 levels below that at 176.70 levels.
GBP/JPY slips from 177.60
Currently, the GBP/JPY cross trades lower by -0.10% at 177.37 levels, recovering from session lows posted at 177.26 levels an hour ago. The cross in GBP/JPY remains pressured as the pound continues to remain undermined by a deteriorating construction sector in the UK after the PMI dropped more than expected and uncertainties surrounding UK elections.
Meanwhile, USD/JPY trades lifeless below 120 handle, absolutely unmoved from Asia as traders keenly watch US payrolls data, which are expected to come out at 245,000 and should set a fresh direction for currency markets.
GBP/JPY Levels to consider
To the upside, the next resistance is located at 177.57 (10-DMA) and above which it could extend gains to at 178 levels. To the downside immediate support might be located at 177 levels below that at 176.70 levels.