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Trading news
2 Feb 2016
GBP/JPY hovers around 38.2% Fibo
FXStreet (Mumbai) - The GBP/JPY snapped three-day winning streak in Asia and now trades weak around 173.46 (38.2% of 188.81-163.98).
Awaits UK data
The currency pair awaits the UK construction PMI number for January, which is likely to show the pace of expansion remained largely unchanged. Traders would also keep an eye on the employment growth in the construction sector, although it may not significantly influence Sterling.
Meanwhile, the risk sentiment across Europe and the action in the oil prices could influence the demand for the safe haven Yen.
GBP/JPY Technical Levels
The immediate resistance is seen at 174.17 (Friday’s high), above which the cross could target 174.88 (Apr 14 low). On the other hand, a break below 173.26 (hourly 50-MA) would open doors for a slide to 171.71 (hourly 100-MA).
Awaits UK data
The currency pair awaits the UK construction PMI number for January, which is likely to show the pace of expansion remained largely unchanged. Traders would also keep an eye on the employment growth in the construction sector, although it may not significantly influence Sterling.
Meanwhile, the risk sentiment across Europe and the action in the oil prices could influence the demand for the safe haven Yen.
GBP/JPY Technical Levels
The immediate resistance is seen at 174.17 (Friday’s high), above which the cross could target 174.88 (Apr 14 low). On the other hand, a break below 173.26 (hourly 50-MA) would open doors for a slide to 171.71 (hourly 100-MA).