19 Jun 2014
GBP/JPY up on pure Sterling volumes
FXStreet (Guatemala) - Currently, GBP/JPY is trading at 173.26, up 0.05% on the day, having posted a daily high at 173.44 and low at 173.00.
The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish.
GBP/JPY outlook on UK data
The Bank of England MPC minutes released in London helped cement the hawkish shift that was largely revealed in Governor Carney's Mansion House speech as noted by RBS strategists. “But the minutes revealed that the possibility of a 2014 rate hike still largely depends on the outlook for inflation, and how the recent growth numbers manifest into renewed inflation pressure”. On the calendar later, we have the notoriously volatile monthly retail sales figures which the anal;ysts at RBS said might may weigh on GBP amid a more hawkish sounding but still data dependant BoE MPC. “We anticipate a 0.8% m/m decline in retail sales, which would bring the 3m/3m growth rate down to 0.9% from 1.7%”.
GBP/JPY Levels
With spot trading at 173.30, we can see next resistance ahead at 173.44 (Daily High), 173.72 (Daily Classic R1), 173.81 (Yesterday's High), 174.02 (Weekly Classic R1) and 174.25 (Daily Classic R2). Support below can be found at 173.29 (Daily Classic PP), 173.26 (Monthly High), (Weekly High), 173.20 (Hourly 20 EMA) and (Daily Open).
The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish.
GBP/JPY outlook on UK data
The Bank of England MPC minutes released in London helped cement the hawkish shift that was largely revealed in Governor Carney's Mansion House speech as noted by RBS strategists. “But the minutes revealed that the possibility of a 2014 rate hike still largely depends on the outlook for inflation, and how the recent growth numbers manifest into renewed inflation pressure”. On the calendar later, we have the notoriously volatile monthly retail sales figures which the anal;ysts at RBS said might may weigh on GBP amid a more hawkish sounding but still data dependant BoE MPC. “We anticipate a 0.8% m/m decline in retail sales, which would bring the 3m/3m growth rate down to 0.9% from 1.7%”.
GBP/JPY Levels
With spot trading at 173.30, we can see next resistance ahead at 173.44 (Daily High), 173.72 (Daily Classic R1), 173.81 (Yesterday's High), 174.02 (Weekly Classic R1) and 174.25 (Daily Classic R2). Support below can be found at 173.29 (Daily Classic PP), 173.26 (Monthly High), (Weekly High), 173.20 (Hourly 20 EMA) and (Daily Open).