8 May 2014
GBP/JPY testing upside again
FXStreet (Guatemala) - GBP/JPY is trading at 172.70, down -0.03% on the day, having posted a daily high at 172.84 and low at 172.66.
GBP/JPY has been through the 173 handle overnight but that was short lived before the pair dropped back and refuelled for a re run into Asia. The 172.80 resistance is contain in the pair for the time being but markets are favourable of the pound on UK fundamentals and some analysts calling for a hike sooner than what had already been speculated. analysts at Rabobank noted that disinflation is affecting the CPI index meaning that the MPC may in fact have more time on its hands before a decision to change the course of policy becomes necessary. “We maintain our view that the first hike from the BoE will be announced in May 2015”.
GBP/JPY Levels
Spot is presently trading at 172.70, and next resistance can be seen at 172.75 (Daily Open), 172.84 (Daily High), 172.86 (Monthly High), 172.86 (Weekly High) and 172.98 (Daily Classic R1). Support below can be found at 172.66 (Daily Low), 172.61 (Hourly 20 EMA), 172.59 (Daily Classic PP), 172.51 (Hourly 100 SMA) and 172.42 (Hourly 200 SMA).
GBP/JPY has been through the 173 handle overnight but that was short lived before the pair dropped back and refuelled for a re run into Asia. The 172.80 resistance is contain in the pair for the time being but markets are favourable of the pound on UK fundamentals and some analysts calling for a hike sooner than what had already been speculated. analysts at Rabobank noted that disinflation is affecting the CPI index meaning that the MPC may in fact have more time on its hands before a decision to change the course of policy becomes necessary. “We maintain our view that the first hike from the BoE will be announced in May 2015”.
GBP/JPY Levels
Spot is presently trading at 172.70, and next resistance can be seen at 172.75 (Daily Open), 172.84 (Daily High), 172.86 (Monthly High), 172.86 (Weekly High) and 172.98 (Daily Classic R1). Support below can be found at 172.66 (Daily Low), 172.61 (Hourly 20 EMA), 172.59 (Daily Classic PP), 172.51 (Hourly 100 SMA) and 172.42 (Hourly 200 SMA).