14 Jan 2014
GBP/JPY consolidates below 169.00 after worst day since August
FXstreet.com (Córdoba) - The GBP/JPY dropped 250 pips on Monday, suffering the worst daily decline since last August. The pair reached fresh lows in every session and bottomed during New York trading at 168.34, the lowest price in three weeks.
In the last hours, Cable has been able to stabilized and bounced slightly; the recovery from the lows found resistance below 169.00.
GBP/JPY reflected both ends
Cable was the worst performer among majors on Monday and tumbled across the board, while the Yen was in the other end, finishing the day among the strongest, boosted by a sharp decline in the USD/JPY.
After the considerable decline, some consolidation is expected ahead of Tokyo's opening. On Tuesday during the European session important economic data will be published in the United Kingdom: CPI, PPI and retail sales, that is likely to affect Pound crosses.
In the last hours, Cable has been able to stabilized and bounced slightly; the recovery from the lows found resistance below 169.00.
GBP/JPY reflected both ends
Cable was the worst performer among majors on Monday and tumbled across the board, while the Yen was in the other end, finishing the day among the strongest, boosted by a sharp decline in the USD/JPY.
After the considerable decline, some consolidation is expected ahead of Tokyo's opening. On Tuesday during the European session important economic data will be published in the United Kingdom: CPI, PPI and retail sales, that is likely to affect Pound crosses.