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20 May 2014
GBP/JPY fighting back on the 170 handle
FXStreet (Guatemala) - GBP/JPY is trading at 170.62, down -0.02% on the day, having posted a daily high at 170.69 and low at 170.58.
GBP/JPY is recovering some ground on the 170 handle after tucking below momentarily at the open of the week. Analysts at Investec, in respect of sterling, explain that the big story over the UK weekend was Pfizer’s renewed £69bn bid for AstraZeneca which would create the world’s largest pharmaceutical company if it goes ahead. “It remains to be seen how many overtures the UK giant can resist from its American rival and as it stands, the FX markets are yet to factor in a takeover”. They also touched upon other UK news, in the rapid growth of the housing market and said this is some cause for concern for market commentators who await to see how the Bank of England will look to take the steam out of the housing sector. “BoE Governor Mark Carney, speaking to Sky news over the weekend, talked of ‘deep, deep’ structural problems in the sector and his concern that the BoE itself couldn’t build more houses. He again indicated the BoE would do what it could from it’s end, via the Financial Policy Committee, with adjustments to lending standards and loan limits on income mentioned”.
GBP/JPY Levels
Spot is presently trading at 170.62, and next resistance can be seen at 170.64 (Daily Classic PP), 170.66 (Daily Open), 170.69 (Daily High), 170.77 (Daily 100 SMA) and 170.89 (Hourly 100 SMA). Next support to the downside can be found at 170.58 (Daily Low), 170.57 (Monthly Low), 170.57 (Weekly Low), 170.48 (Hourly 20 EMA) and 170.25 (Daily Classic S1).
GBP/JPY is recovering some ground on the 170 handle after tucking below momentarily at the open of the week. Analysts at Investec, in respect of sterling, explain that the big story over the UK weekend was Pfizer’s renewed £69bn bid for AstraZeneca which would create the world’s largest pharmaceutical company if it goes ahead. “It remains to be seen how many overtures the UK giant can resist from its American rival and as it stands, the FX markets are yet to factor in a takeover”. They also touched upon other UK news, in the rapid growth of the housing market and said this is some cause for concern for market commentators who await to see how the Bank of England will look to take the steam out of the housing sector. “BoE Governor Mark Carney, speaking to Sky news over the weekend, talked of ‘deep, deep’ structural problems in the sector and his concern that the BoE itself couldn’t build more houses. He again indicated the BoE would do what it could from it’s end, via the Financial Policy Committee, with adjustments to lending standards and loan limits on income mentioned”.
GBP/JPY Levels
Spot is presently trading at 170.62, and next resistance can be seen at 170.64 (Daily Classic PP), 170.66 (Daily Open), 170.69 (Daily High), 170.77 (Daily 100 SMA) and 170.89 (Hourly 100 SMA). Next support to the downside can be found at 170.58 (Daily Low), 170.57 (Monthly Low), 170.57 (Weekly Low), 170.48 (Hourly 20 EMA) and 170.25 (Daily Classic S1).