5 Aug 2015
GBP/JPY back to square one
FXStreet (Mumbai) - The GBP/JPY was offered above 194.00, pushing it back to 193.70 after the official data showed the UK service sector cooled in July.
Rejected at 194.11
The bid tone on the GBP had strengthened ahead of the data, taking the pair higher to 194.11 from the Asian session low of 193.21. The UK services PMI was seen at 58.00 in July, compared to 58.5 in May. However, the actual number printed at 57.4, which pushed the cross back below 194.00 handle.
Ahead in the day, the cross could be influenced by the US ADP employment report and ISM non-manufacturing report.
GBP/JPY Technical Levels
The immediate resistance is located at 194.25 (Aug 3 high), followed by a major hurdle at 194.61 (July 30 high). On the other hand, support is seen at 193.22 (daily low) and 192.37 (50-DMA).
Rejected at 194.11
The bid tone on the GBP had strengthened ahead of the data, taking the pair higher to 194.11 from the Asian session low of 193.21. The UK services PMI was seen at 58.00 in July, compared to 58.5 in May. However, the actual number printed at 57.4, which pushed the cross back below 194.00 handle.
Ahead in the day, the cross could be influenced by the US ADP employment report and ISM non-manufacturing report.
GBP/JPY Technical Levels
The immediate resistance is located at 194.25 (Aug 3 high), followed by a major hurdle at 194.61 (July 30 high). On the other hand, support is seen at 193.22 (daily low) and 192.37 (50-DMA).