9 Dec 2014
GBP/JPY extends slide on weak UK data
FXStreet (Mumbai) - The British Pound weakened against the Japanese Yen after the official data in the UK showed contraction in the industrial production in October.
The GBP/JPY pair now trades 0.71% lower at 187.62 levels. The pair clocked a low of 187.51 levels after the Office for National Statistics (ONS) said the industrial production expanded 1.1% in October year-on-year, compared to the expected rise of 1.8%. The activity contracted 0.1% month-on-month on the back of the weak performance of the manufacturing sector. Meanwhile, the risk aversion in the financial markets also supported the Yen.
GBP/JPY Technical Levels
The pair has an immediate support located at 187.26 levels, under which losses could be extended to 186.156 levels. Meanwhile, resistance is seen at 188.26 (5-DMA) and 189.22 levels.
The GBP/JPY pair now trades 0.71% lower at 187.62 levels. The pair clocked a low of 187.51 levels after the Office for National Statistics (ONS) said the industrial production expanded 1.1% in October year-on-year, compared to the expected rise of 1.8%. The activity contracted 0.1% month-on-month on the back of the weak performance of the manufacturing sector. Meanwhile, the risk aversion in the financial markets also supported the Yen.
GBP/JPY Technical Levels
The pair has an immediate support located at 187.26 levels, under which losses could be extended to 186.156 levels. Meanwhile, resistance is seen at 188.26 (5-DMA) and 189.22 levels.