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27 Feb 2015
GBP/JPY back to square one
FXStreet (Mumbai) - The GBP/JPY pair is back to trade near its opening rate of 184.04 as the British Pound weakened post the release of the better-than-expected US GDP data.
GBP/JPY: rejected at key Fibo level
The pair failed to sustain gains above the 61.8% retracement level of the down trend from 189.68 to 175.48 located at 184.27 levels. The pair hit a high of 184.39, but failed to sustain gains after the second estimate of the US Q4 GDP came-in at 2.3.5, beating the estimated 2%. The GBP/USD pair weakened to 1.54 levels, although the USD/JPY pair remained largely unchanged. Consequently, the GBP/JPY cross fell to 184.00 levels.
GBP/JPY Technical Levels
The immediate resistance is located at 184.27, above which it could rise to 185.00 levels. On the flip side, support is seen at 183.52 and 183.00 levels.
GBP/JPY: rejected at key Fibo level
The pair failed to sustain gains above the 61.8% retracement level of the down trend from 189.68 to 175.48 located at 184.27 levels. The pair hit a high of 184.39, but failed to sustain gains after the second estimate of the US Q4 GDP came-in at 2.3.5, beating the estimated 2%. The GBP/USD pair weakened to 1.54 levels, although the USD/JPY pair remained largely unchanged. Consequently, the GBP/JPY cross fell to 184.00 levels.
GBP/JPY Technical Levels
The immediate resistance is located at 184.27, above which it could rise to 185.00 levels. On the flip side, support is seen at 183.52 and 183.00 levels.