20 Feb 2015
GBP/JPY breaks below 50% fib level after weak UK retail sales data
FXStreet (Mumbai) - The GBP/JPY pair extended the decline to trade below the 50% Fib retracement level (189.68-175.48) located at 182.58 levels after the data in the UK showed retail sales in January fell 0.3% month-on-month.
GBP/JPY: drops below 100-DMA
The pair dropped below 100-DMA to trade at 182.56 levels after the disappointing UK retail sales data hit the wires. The month-on-month declined was accompanied by a weaker-than-expected year-on-year print at 5.4%. The pair extended losses to trade at 182.27; down 0.58% for the day.
The losses could be extended further if the Eurogroup fails to reach a concrete deal its meeting later today with Greece over its international bailout program.
GBP/JPY Technical Levels
The immediate support is seen at 182.00, under which the losses could be extended to 181.50. On the flip side, resistance is seen at 182.56 (100-DMA) and 183.34 levels.
GBP/JPY: drops below 100-DMA
The pair dropped below 100-DMA to trade at 182.56 levels after the disappointing UK retail sales data hit the wires. The month-on-month declined was accompanied by a weaker-than-expected year-on-year print at 5.4%. The pair extended losses to trade at 182.27; down 0.58% for the day.
The losses could be extended further if the Eurogroup fails to reach a concrete deal its meeting later today with Greece over its international bailout program.
GBP/JPY Technical Levels
The immediate support is seen at 182.00, under which the losses could be extended to 181.50. On the flip side, resistance is seen at 182.56 (100-DMA) and 183.34 levels.