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2 Mar 2015
GBP/JPY weakens ahead of UK PMI data
FXStreet (Mumbai) - The British Pound weakened, taking the GBP/JPY pair lower ahead of the data in the UK, which could show a slight uptick in the manufacturing activity in February.
GBP/JPY: falls to 5-DMA
The pair fell to a low of 5-DMA located at 184.42 ahead of the UK PMI data which is expected to tick higher to 53.4 from the previous figure of 53.00. The interest rate cut announced by China over the weekend failed to trigger a rally in the riskier assets. Consequently, the British Pound failed to strengthen while the Japanese Yen benefitted, pushing the GBP/JPY pair lower to 184.42 from the high of 184.82 seen earlier today.
GBP/JPY Technical Levels
The immediate resistance is seen at 184.82, above which gains could be extended to 185.68 levels. On the flip side, support is seen at 184.24 and 183.60.
GBP/JPY: falls to 5-DMA
The pair fell to a low of 5-DMA located at 184.42 ahead of the UK PMI data which is expected to tick higher to 53.4 from the previous figure of 53.00. The interest rate cut announced by China over the weekend failed to trigger a rally in the riskier assets. Consequently, the British Pound failed to strengthen while the Japanese Yen benefitted, pushing the GBP/JPY pair lower to 184.42 from the high of 184.82 seen earlier today.
GBP/JPY Technical Levels
The immediate resistance is seen at 184.82, above which gains could be extended to 185.68 levels. On the flip side, support is seen at 184.24 and 183.60.