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16 Jul 2015
GBP/JPY turns negative
FXStreet (Mumbai) - The GBP/JPY pair was offered at the high of 193.89 to trade marginally negative around 193.40 levels.
GBP/JPY: Stuck in the range
The cross has been restricted to a range of 193.90-193.30 since the NY session on Wednesday. The rising long term yields in the US has capped gains in the Japanese Yen. Meanwhile, the GBP remained relatively resilient to the rising rates in the US, since the BOE is also widely expected to hike rates after the Fed.
It remains to be seen if the pair witnesses a breakout from the range today. Yellen’s second round of testimony, the ECB rate decision, and US weekly claims could influence the pair ahead in the day.
GBP/JPY Technical Levels
The immediate support is seen at 193.30, under which the spot could target 192.70. On the other hand, resistance is seen at 193.90-194.00 and 194.50.
GBP/JPY: Stuck in the range
The cross has been restricted to a range of 193.90-193.30 since the NY session on Wednesday. The rising long term yields in the US has capped gains in the Japanese Yen. Meanwhile, the GBP remained relatively resilient to the rising rates in the US, since the BOE is also widely expected to hike rates after the Fed.
It remains to be seen if the pair witnesses a breakout from the range today. Yellen’s second round of testimony, the ECB rate decision, and US weekly claims could influence the pair ahead in the day.
GBP/JPY Technical Levels
The immediate support is seen at 193.30, under which the spot could target 192.70. On the other hand, resistance is seen at 193.90-194.00 and 194.50.