19 Nov 2015
GBP/JPY drops to 100-DMA and recovers to hourly 50-MA
FXStreet (Mumbai) - The GBP/JPY pair fell to a low of 187.56 (below its 100-DMA at 187.56) before trimming losses to trade around its hourly 50-MA at 187.84 levels.
GBP trims losses
The drop in the October UK retail sales saw GBP fell sharply across the board before taking back part of its losses. The cross was already on a losing streak, trading below 188.00 handle as markets were expecting a negative retail sales print. However, the losses were extended further as the drop was higher than expected.
GBP/JPY Technical Levels
At 187.84, the immediate support is seen at 187.66 (100-DMA), under which the losses could be extended to 187.24 (5-DMA). On the other side, resistance is seen at 188.00 handle, followed by a hurdle at 188.39 (previous day’s high). A break above the same would expose 188.80 (daily high).
GBP trims losses
The drop in the October UK retail sales saw GBP fell sharply across the board before taking back part of its losses. The cross was already on a losing streak, trading below 188.00 handle as markets were expecting a negative retail sales print. However, the losses were extended further as the drop was higher than expected.
GBP/JPY Technical Levels
At 187.84, the immediate support is seen at 187.66 (100-DMA), under which the losses could be extended to 187.24 (5-DMA). On the other side, resistance is seen at 188.00 handle, followed by a hurdle at 188.39 (previous day’s high). A break above the same would expose 188.80 (daily high).