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6 May 2015
GBP/JPY drops below 182.00
FXStreet (Mumbai) - The GBP/JPY pair pared gains from the high of 182.41 to trade below 182.00 ahead of the data in the UK, which is likely to show the pace of expansion of service sector activity slowed down slightly in April.
GBP/JPY: Rejected at hourly 100-MA
The decline followed a persistent failure of the pair rose above its hourly 100-MA located at 182.39. The decline comes ahead of the services PMI for April which is expected to come-in at 58.5 compared to 58.9 in March.
Meanwhile, the GBP volatility could also rise ahead of the general election in the UK, which are widely expected to result into a hung parliament. \
GBP/JPY Technical Levels
The immediate support is located at 181.85 (hourly 50-MA), under which losses could be extended to 180.96. On the flip side, a resistance is located at 182.39, above which gains could be extended to 182.77.
GBP/JPY: Rejected at hourly 100-MA
The decline followed a persistent failure of the pair rose above its hourly 100-MA located at 182.39. The decline comes ahead of the services PMI for April which is expected to come-in at 58.5 compared to 58.9 in March.
Meanwhile, the GBP volatility could also rise ahead of the general election in the UK, which are widely expected to result into a hung parliament. \
GBP/JPY Technical Levels
The immediate support is located at 181.85 (hourly 50-MA), under which losses could be extended to 180.96. On the flip side, a resistance is located at 182.39, above which gains could be extended to 182.77.