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14 Jan 2015
GBP/JPY drops to fresh 3-Months lows
FXStreet (Mumbai) - The British pound extended its slump versus the Japanese counterpart in the mid-European session, as the yen gains against the US dollar amid wide-spread risk-off sentiment.
Currently, the GBP/JPY pair traded at 177.69 levels, down -0.61% on the day, having posted fresh three-month lows at 176.88 an hour ago. The cross in GBP/JPY is expected to remains pressured after a rebound seen in the yen as the decline in commodity prices failed to stop. Moreover, the gains in the GBP/USD pair also failed to provide support to the cross pair.
GBP/JPY Technical Levels
To the upside, the next resistance is located at 179.07 (5-DMA) and above which it could extend gains to 180.20 (10-DMA) levels. To the downside, immediate support might be located at 176.89 (200-DMA) levels and below that at 176 levels.
Currently, the GBP/JPY pair traded at 177.69 levels, down -0.61% on the day, having posted fresh three-month lows at 176.88 an hour ago. The cross in GBP/JPY is expected to remains pressured after a rebound seen in the yen as the decline in commodity prices failed to stop. Moreover, the gains in the GBP/USD pair also failed to provide support to the cross pair.
GBP/JPY Technical Levels
To the upside, the next resistance is located at 179.07 (5-DMA) and above which it could extend gains to 180.20 (10-DMA) levels. To the downside, immediate support might be located at 176.89 (200-DMA) levels and below that at 176 levels.