24 Mar 2015
GBP/JPY back below 179
FXStreet (Mumbai) - GBP/JPY continues its losing streak in the European session, extended losses for the second straight day mainly as the pound continues to get beaten by the yen amid broad based US dollar recovery.
GBP/JPY slips from 179.22
Currently, the GBP/JPY cross traded lower by -0.26% at 178.56 levels, witnessing a sharp drop from 179.22 levels. The cross in GBP/JPY remains pressured largely after the pound weakened versus the US dollar on profit-taking after the recent strength, while uncertainties surrounding UK elections continue to weigh on the cross.
Meanwhile, traders now await UK consumer prices report due later this session, with headwinds expected after the imprint hit a record low of 0.3% in January. On the other hand, a slightly weaker USD/JPY awaiting fresh direction from the upcoming US CPI report also undermines GBP/JPY.
GBP/JPY Levels to consider
To the upside, the next resistance is located at 179 and above which it could extend gains to at 179.68 levels. To the downside immediate support might be located at 178.06 levels below that at 177.87 levels.
GBP/JPY slips from 179.22
Currently, the GBP/JPY cross traded lower by -0.26% at 178.56 levels, witnessing a sharp drop from 179.22 levels. The cross in GBP/JPY remains pressured largely after the pound weakened versus the US dollar on profit-taking after the recent strength, while uncertainties surrounding UK elections continue to weigh on the cross.
Meanwhile, traders now await UK consumer prices report due later this session, with headwinds expected after the imprint hit a record low of 0.3% in January. On the other hand, a slightly weaker USD/JPY awaiting fresh direction from the upcoming US CPI report also undermines GBP/JPY.
GBP/JPY Levels to consider
To the upside, the next resistance is located at 179 and above which it could extend gains to at 179.68 levels. To the downside immediate support might be located at 178.06 levels below that at 177.87 levels.