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3 Mar 2015
GBP/JPY recovers slightly
FXStreet (Mumbai) - The GBP/JPY pair recovered slightly to trade above 184.00 levels after the UK construction PMI for February beat market expectations to register expansion for the twenty-second successive month.
GBP/JPY: trades below 61.8% Fib level
The pair still trades well below the 61.8% retracement level of the down trend from 189.68-175.418 located at 184.26 levels. The UK construction PMI at four month high did help the pair to recover from the low of 183.89 to 184.05 levels. However, the British Pound is unable to extend gains beyond 184.05-184.10 levels despite the upbeat data and uptick in the 10-year Gilt yields.
GBP/JPY Technical Levels
The immediate resistance is seen at 184.26, above which gains could be extended to 185.00 levels. On the flip side, support is seen at 184.01 (10-DMA) and 183.52 levels.
GBP/JPY: trades below 61.8% Fib level
The pair still trades well below the 61.8% retracement level of the down trend from 189.68-175.418 located at 184.26 levels. The UK construction PMI at four month high did help the pair to recover from the low of 183.89 to 184.05 levels. However, the British Pound is unable to extend gains beyond 184.05-184.10 levels despite the upbeat data and uptick in the 10-year Gilt yields.
GBP/JPY Technical Levels
The immediate resistance is seen at 184.26, above which gains could be extended to 185.00 levels. On the flip side, support is seen at 184.01 (10-DMA) and 183.52 levels.