7 Apr 2015
GBP/JPY pares gains
FXStreet (Mumbai) - The GBP/JPY pair erased half of its gains to trade below a key Fibo retracement level despite of a better-than-expected UK services PMI data.
Trades below 23.6% Fib level
The pair is back below 178.48, which is the 23.6% Fib retracement of 185.00-176.46, after having clocked a session high of 178.88 earlier today. The British Pound failed to strengthen even though the UK services PMI for March beat expectations to print at 58.9. Consequently, the GBP/USD pair remains largely unchanged for the day at 1.4878.
On the other hand, the USD/JPY pair has eased slightly from the session high of 120.04 to trade at 119.88 levels. Thus, the GBP/JPY cross erased part of its gains to trade at 178.38 levels.
GBP/JPY Technical Levels
The immediate resistance is seen at 178.48, above which gains could be extended to 178.88. On the flip side, a break below 177.78 could drive the prices lower to 177.22.
Trades below 23.6% Fib level
The pair is back below 178.48, which is the 23.6% Fib retracement of 185.00-176.46, after having clocked a session high of 178.88 earlier today. The British Pound failed to strengthen even though the UK services PMI for March beat expectations to print at 58.9. Consequently, the GBP/USD pair remains largely unchanged for the day at 1.4878.
On the other hand, the USD/JPY pair has eased slightly from the session high of 120.04 to trade at 119.88 levels. Thus, the GBP/JPY cross erased part of its gains to trade at 178.38 levels.
GBP/JPY Technical Levels
The immediate resistance is seen at 178.48, above which gains could be extended to 178.88. On the flip side, a break below 177.78 could drive the prices lower to 177.22.