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14 Apr 2015
GBP/JPY drops to fresh 6-month lows below 175
FXStreet (Mumbai) - GBP/JPY dived deeper in to losses, plunging to fresh six-month lows below 175 barrier in the European trades, largely as the pound bashing continues after UK consumer prices remained flat in the UK, delaying the Bank of England rate-hike moves.
UK record low inflation print pushes GBP/JPY to new half yearly lows
Currently, the GBP/JPY cross trades lower by -0.79% at fresh six month lows of 174.88 levels, falling more than 100 pips so far. The cross in GBP/JPY remains pressured as the pound continues to remain undermined after UK CPI print came in at record lows and the core CPI reflected levels not seen since May 2014.
Meanwhile, a strengthening yen versus the US dollar also adds to further losses in GBP/JPY as yen firms on Japan’s Hamada’s comments. Later in the session, we have US retails sales data which may have further impact on the cross.
GBP/JPY Levels to consider
To the upside, the next resistance is located at 175.77 and above which it could extend gains to at 176.21 levels. To the downside immediate support might be located at174.50 levels below that at 174.
UK record low inflation print pushes GBP/JPY to new half yearly lows
Currently, the GBP/JPY cross trades lower by -0.79% at fresh six month lows of 174.88 levels, falling more than 100 pips so far. The cross in GBP/JPY remains pressured as the pound continues to remain undermined after UK CPI print came in at record lows and the core CPI reflected levels not seen since May 2014.
Meanwhile, a strengthening yen versus the US dollar also adds to further losses in GBP/JPY as yen firms on Japan’s Hamada’s comments. Later in the session, we have US retails sales data which may have further impact on the cross.
GBP/JPY Levels to consider
To the upside, the next resistance is located at 175.77 and above which it could extend gains to at 176.21 levels. To the downside immediate support might be located at174.50 levels below that at 174.