3 Feb 2015
GBP/JPY likely to test 178.30 – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Omkar Godbole, the GBP/JPY pair is likely to test 178.30 levels, with the pair sustaining above 176.00 levels, pushed higher by yesterday’s upbeat UK manufacturing PMI data.
Key Quotes
“The GBP/JPY pair has recovered from the low of 175.48 to trade higher..”
“The British Pound has managed to sustain above 176.00 levels after the upbeat manufacturing PMI report released yesterday in the UK. The next important data set comes in the form of UK services PMI for January which is seen rising to 56.3 from the initial estimate of 55.8.”
“The GBP/JPY pair is likely to extend the rally to 178.30 levels ahead of the report.”
“On Technical grounds, the GBP/JPY pair repeatedly bounced back from 175.50-175.70 area. Moreover, the pair has been unable to extend losses below the said area despite trading below the 200-DMA located at 177.36 levels for the third time in a month.”
“Thus a fresh demand for GBP can be anticipated at the current levels.”
“The risk of technical sell-off is low so long as the pair trades above 175.73 levels.”
Key Quotes
“The GBP/JPY pair has recovered from the low of 175.48 to trade higher..”
“The British Pound has managed to sustain above 176.00 levels after the upbeat manufacturing PMI report released yesterday in the UK. The next important data set comes in the form of UK services PMI for January which is seen rising to 56.3 from the initial estimate of 55.8.”
“The GBP/JPY pair is likely to extend the rally to 178.30 levels ahead of the report.”
“On Technical grounds, the GBP/JPY pair repeatedly bounced back from 175.50-175.70 area. Moreover, the pair has been unable to extend losses below the said area despite trading below the 200-DMA located at 177.36 levels for the third time in a month.”
“Thus a fresh demand for GBP can be anticipated at the current levels.”
“The risk of technical sell-off is low so long as the pair trades above 175.73 levels.”