7 Aug 2013
GBP/JPY back below 150.00 zone
FXstreet.com (Chicago) - GBP/JPY retraced from 150.00 zone to accumulate 0.21% daily losses.
Earlier in Europe, the FTSE100 closed in red with 1.14% losses. After Carney, New Governor for the BoE spoke at the British Parliament, a clear below historical average performance was evidenced in the UK: “even under the assumption that the current exceptionally stimulative monetary stance is maintained throughout the projection horizon, the MPC expects annual growth to be only 2.4% in two years’ time – a rate still a little below its historical average. Moreover, the level of GDP is not expected to regain its pre-crisis peak until a year from now. This is the slowest recovery in output on record.” With unemployment still high above 7%, and a 2.9% inflation rate to remain constant in the near term, the outlook was conservative and interest rates were kept the same. In Japan, the Nikkei closed down with 4.0% losses while the yen reached 7-week highs as market participants await for the BoJ monetary decision.
GBP/JPY Technical levels
Technically speaking, the pair was reported as slightly bullish by the FXstreet trend index. The ROC and CCI indicators pointed up and supports were aligned at 149.17, 148.79 ahead of 148.42 and resistances were set at 150.74, 151.12 and 151.50 as pair traded at 149.63.
Earlier in Europe, the FTSE100 closed in red with 1.14% losses. After Carney, New Governor for the BoE spoke at the British Parliament, a clear below historical average performance was evidenced in the UK: “even under the assumption that the current exceptionally stimulative monetary stance is maintained throughout the projection horizon, the MPC expects annual growth to be only 2.4% in two years’ time – a rate still a little below its historical average. Moreover, the level of GDP is not expected to regain its pre-crisis peak until a year from now. This is the slowest recovery in output on record.” With unemployment still high above 7%, and a 2.9% inflation rate to remain constant in the near term, the outlook was conservative and interest rates were kept the same. In Japan, the Nikkei closed down with 4.0% losses while the yen reached 7-week highs as market participants await for the BoJ monetary decision.
GBP/JPY Technical levels
Technically speaking, the pair was reported as slightly bullish by the FXstreet trend index. The ROC and CCI indicators pointed up and supports were aligned at 149.17, 148.79 ahead of 148.42 and resistances were set at 150.74, 151.12 and 151.50 as pair traded at 149.63.