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21 May 2015
GBP/JPY declines ahead of UK retail sales
FXStreet (Mumbai) - The GBP/JPY pair has dipped into the red, trading just above 188.00 levels ahead of the data in the UK, which could show retail sales growth in April slowed down.
Rejected at technical resistance
The pair was rejected at 188.59 in the previous session for the third time in over a week. The BOE minutes released in the European session yesterday helped the pair recover from the low of 187.10. However, the pair once again ran into offers at 188.59 after the release of the Fed minutes.
Ahead in the day, the UK retail sales (exp 3.7% yoy, prev 5.0%), (exp 0.4% mom, prev -0.5%) figure could trigger a move in the pair.
GBP/JPY Technical Levels
The pair currently trades at 188.08. The immediate resistance is located at 188.59, above which gains could be extended to 189.68 (Dec. 5, 2014 high). On the other hand, a break below 188.00 could see the pair drop to its 10-DMA 187.72.
Rejected at technical resistance
The pair was rejected at 188.59 in the previous session for the third time in over a week. The BOE minutes released in the European session yesterday helped the pair recover from the low of 187.10. However, the pair once again ran into offers at 188.59 after the release of the Fed minutes.
Ahead in the day, the UK retail sales (exp 3.7% yoy, prev 5.0%), (exp 0.4% mom, prev -0.5%) figure could trigger a move in the pair.
GBP/JPY Technical Levels
The pair currently trades at 188.08. The immediate resistance is located at 188.59, above which gains could be extended to 189.68 (Dec. 5, 2014 high). On the other hand, a break below 188.00 could see the pair drop to its 10-DMA 187.72.