5 Aug 2015
GBP/JPY turns positive ahead of UK PMI data
FXStreet (Mumbai) - The GBP/JPY pair turned positive to trade around 193.70 ahead of the data in the UK, which could show services activity growth slowed down in July.
Supported by 193.22
The pair recovered from the low of 193.22 and ran into fresh offers after it rose back above 193.29 (76.4% of 195.85-185.00). The cross has been restricted largely in the range of 193.00-194.25 amid rising rate hike bets in the US and moderately weak UK manufacturing and construction PMI reports.
The focus now shifts to the UK services PMI data seen slowing to 58.00 from 58.5 in June.
GBP/JPY Technical Levels
The immediate resistance is located at 194.25 (Aug 3 high), followed by a major hurdle at 194.61 (July 30 high). On the other hand, support is seen at 193.22 (daily low) and 192.37 (50-DMA).
Supported by 193.22
The pair recovered from the low of 193.22 and ran into fresh offers after it rose back above 193.29 (76.4% of 195.85-185.00). The cross has been restricted largely in the range of 193.00-194.25 amid rising rate hike bets in the US and moderately weak UK manufacturing and construction PMI reports.
The focus now shifts to the UK services PMI data seen slowing to 58.00 from 58.5 in June.
GBP/JPY Technical Levels
The immediate resistance is located at 194.25 (Aug 3 high), followed by a major hurdle at 194.61 (July 30 high). On the other hand, support is seen at 193.22 (daily low) and 192.37 (50-DMA).