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23 May 2014
GBP/JPY failing ahead of 172 handle
FXStreet (Guatemala) - GBP/JPY is trading at 171.64, up 0.02% on the day, having posted a daily high at 171.79 and low at 171.53.
GBP/JPY spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the pair is grinding to a halt between 171.60/80 with the FXStreet Trend Index reading slightly bullish. Looking to a daily chart, we see that RSI is neutral at 51.44 allowing for further upside. Nothing on the calendar here, although RBS strategists explained their concerns in respect of the UK’s economy. “We continue to be fearful of the UK's triple's imbalances - 1) a growing and persistent current account deficit, 2) an increasingly indebted household sector and 3) a stubbornly large fiscal deficit. Overnight data that reveal a worse than expected budget position and a recovery that remains heavily dependent on consumption rather than exports/investment play to the idea that the air above GBP may be thinner than many may think it is”.
GBP/JPY Levels
Current price is 171.67, with resistance ahead at 171.79 (Daily High), 171.88 (Yesterday's High), 171.94 (Daily Classic R1), 172.23 (Weekly Classic R1) and 172.24 (Daily Classic R2). Next support to the downside can be found at 171.64 (Weekly High), 171.64 (Daily Open), 171.58 (Daily Classic PP), 171.54 (Hourly 20 EMA) and 171.53 (Daily Low).
GBP/JPY spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the pair is grinding to a halt between 171.60/80 with the FXStreet Trend Index reading slightly bullish. Looking to a daily chart, we see that RSI is neutral at 51.44 allowing for further upside. Nothing on the calendar here, although RBS strategists explained their concerns in respect of the UK’s economy. “We continue to be fearful of the UK's triple's imbalances - 1) a growing and persistent current account deficit, 2) an increasingly indebted household sector and 3) a stubbornly large fiscal deficit. Overnight data that reveal a worse than expected budget position and a recovery that remains heavily dependent on consumption rather than exports/investment play to the idea that the air above GBP may be thinner than many may think it is”.
GBP/JPY Levels
Current price is 171.67, with resistance ahead at 171.79 (Daily High), 171.88 (Yesterday's High), 171.94 (Daily Classic R1), 172.23 (Weekly Classic R1) and 172.24 (Daily Classic R2). Next support to the downside can be found at 171.64 (Weekly High), 171.64 (Daily Open), 171.58 (Daily Classic PP), 171.54 (Hourly 20 EMA) and 171.53 (Daily Low).