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1 Apr 2015
GBP/JPY hits session low
FXStreet (Mumbai) - The GBP/JPY pair hit a session low of 177.41 after the final UK manufacturing PMI for March was confirmed at 54.4, compared to the expectation of 54.3.
Pound hit hard
The British Pound came under sharp selling pressure after the GBP/USD fell below 1.48 levels. The short positions closed ahead of the financial year end yesterday, could have been re-entered today. Moreover, the data was not strong enough to shift the market focus from the election uncertainty to upbeat economic activity.
GBP/JPY Technical Levels
The GBP/JPY pair now trades at 177.56, down 0.26% for the day. The immediate resistance is seen at 177.87 (10-DMA), above which gains could be extended to 178.40. On the flip side, a break below 177.09 could drive the pair lower to 176.65.
Pound hit hard
The British Pound came under sharp selling pressure after the GBP/USD fell below 1.48 levels. The short positions closed ahead of the financial year end yesterday, could have been re-entered today. Moreover, the data was not strong enough to shift the market focus from the election uncertainty to upbeat economic activity.
GBP/JPY Technical Levels
The GBP/JPY pair now trades at 177.56, down 0.26% for the day. The immediate resistance is seen at 177.87 (10-DMA), above which gains could be extended to 178.40. On the flip side, a break below 177.09 could drive the pair lower to 176.65.