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23 Jan 2015
GBP/JPY back above 177 after upbeat UK data
FXStreet (Mumbai) - The GBP/JPY pair witnessed a partial recovery of losses to trade above the 177 handle after the UK retails sales in December increased for the 21st consecutive month.
The pair currently trades at 117.34; down 0.30% for the day, after having recovered from the low of 176.79 levels. The British Pound gained strength after the data showed UK retail sales in December rose 4.3%, beating the expected print of 3.4%, and down from the previous month’s print of 6.9%. The full year – 2014 retails rose 3.8% compared with 2013. However, further gains in the pair may be capped since the GBP/USD pair appears stuck near 1.5 levels.
GBP/JPY Technical Levels
The immediate resistance is seen at 177.50, above which the pair could test 178.53 levels. Meanwhile, support is seen at 176.79 levels, under which the pair could fall to the 200-DMA located at 176.25 levels.
The pair currently trades at 117.34; down 0.30% for the day, after having recovered from the low of 176.79 levels. The British Pound gained strength after the data showed UK retail sales in December rose 4.3%, beating the expected print of 3.4%, and down from the previous month’s print of 6.9%. The full year – 2014 retails rose 3.8% compared with 2013. However, further gains in the pair may be capped since the GBP/USD pair appears stuck near 1.5 levels.
GBP/JPY Technical Levels
The immediate resistance is seen at 177.50, above which the pair could test 178.53 levels. Meanwhile, support is seen at 176.79 levels, under which the pair could fall to the 200-DMA located at 176.25 levels.