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31 Mar 2015
GBP/JPY keeps losses near 177.30
FXStreet (Mumbai) - GBP/JPY continues its downside momentum in the European session, largely on the back of persistent weakness seen in the British pound as markets shrugged off upbeat UK Q4 2014 GDP and current account figures.
GBP/JPY slips from 177.76
Currently, the GBP/JPY cross traded lower by -0.33% at fresh session lows of 177.21 levels, witnessing a sharp drop from 177.76 levels. The cross in GBP/JPY did spike to highs after the data release. However, the correction in GBP/JPY was short-lived and the cross resumed its slide ignoring the data completely.
On the other hand, a subdued USD/JPY awaiting fresh direction from the upcoming US macro data report keeps the losses in GBP/JPY restricted.
GBP/JPY Levels to consider
To the upside, the next resistance is located at 178.23 and above which it could extend gains to at 179 levels. To the downside immediate support might be located at 177 levels below that at 176.63 levels.
GBP/JPY slips from 177.76
Currently, the GBP/JPY cross traded lower by -0.33% at fresh session lows of 177.21 levels, witnessing a sharp drop from 177.76 levels. The cross in GBP/JPY did spike to highs after the data release. However, the correction in GBP/JPY was short-lived and the cross resumed its slide ignoring the data completely.
On the other hand, a subdued USD/JPY awaiting fresh direction from the upcoming US macro data report keeps the losses in GBP/JPY restricted.
GBP/JPY Levels to consider
To the upside, the next resistance is located at 178.23 and above which it could extend gains to at 179 levels. To the downside immediate support might be located at 177 levels below that at 176.63 levels.