23 Jul 2015
GBP/JPY drops to hourly 200-MA after UK data
FXStreet (Mumbai) - The weaker-than-expected UK retail sales data released today, pushed the GBP/JPY lower to its hourly 200-MA located at 193.00.
Offered around 193.90
The pair ran into offers for the third consecutive session around 193.90. The offers spiked after the retail sales unexpectedly dropped 0.2% month-on-month in June. Year-on-year retail sales growth slowed to 4.0%, missing the estimate of a 4.9% rise. Core retail sales fell 0.2% month-on-month. The drop in the retail sales is seen despite the lower energy prices and rising real wages.
The spot fell to a low of 192.93 before recovering slightly to trade around the hourly 200-MA located at 193.00.
GBP/JPY Technical Levels
The spot faces an immediate hurdle at 193.23 (hourly 50-MA) followed by a major hurdle at 193.90-194.00. On the flip side, a break below 193.00 (hourly 200-MA) could push the spot lower to 192.29 (July 21 low).
Offered around 193.90
The pair ran into offers for the third consecutive session around 193.90. The offers spiked after the retail sales unexpectedly dropped 0.2% month-on-month in June. Year-on-year retail sales growth slowed to 4.0%, missing the estimate of a 4.9% rise. Core retail sales fell 0.2% month-on-month. The drop in the retail sales is seen despite the lower energy prices and rising real wages.
The spot fell to a low of 192.93 before recovering slightly to trade around the hourly 200-MA located at 193.00.
GBP/JPY Technical Levels
The spot faces an immediate hurdle at 193.23 (hourly 50-MA) followed by a major hurdle at 193.90-194.00. On the flip side, a break below 193.00 (hourly 200-MA) could push the spot lower to 192.29 (July 21 low).