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26 Feb 2015
GBP/JPY recovers to 184.40
FXStreet (Mumbai) - The GBP/JPY recovered slightly to trade at 184.40 after the data in the UK showed the economy grew at 0.5% in fourth quarter matching the initial estimates.
GBP/JPY – stuck between hourly 100-MA and 200-MA
The pair is trading between the hourly 100-MA and 200-MA located at 184.48 and 184.23 respectively. The GDP data matched estimates and thus failed to trigger a fresh rally in the British Pound. Moreover, the UK Gilt 10-year Gilt yield extended losses post the GDP release to trade at 1.675%; down 4.5 basis points for the day. Consequently, the pair is struggling to move higher after witnessing a 10-pip recovery post GDP release.
GBP/JPY Technical Levels
The immediate resistance is seen at 184.48 (hourly 100-MA), above which gains could be extended to 184.68 (hourly 50-MA). On the other hand, a break below 184.23 (hourly 200-MA), could push the pair down to 182.60 levels.
GBP/JPY – stuck between hourly 100-MA and 200-MA
The pair is trading between the hourly 100-MA and 200-MA located at 184.48 and 184.23 respectively. The GDP data matched estimates and thus failed to trigger a fresh rally in the British Pound. Moreover, the UK Gilt 10-year Gilt yield extended losses post the GDP release to trade at 1.675%; down 4.5 basis points for the day. Consequently, the pair is struggling to move higher after witnessing a 10-pip recovery post GDP release.
GBP/JPY Technical Levels
The immediate resistance is seen at 184.48 (hourly 100-MA), above which gains could be extended to 184.68 (hourly 50-MA). On the other hand, a break below 184.23 (hourly 200-MA), could push the pair down to 182.60 levels.