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8 Jan 2015
GBP/JPY rejected by 100-DMA ahead of BOE meet
FXStreet (Mumbai) - The GBP/JPY pair failed to sustain gains above the 100-DMA located at 180.75 levels ahead of the Bank of England meet, which is likely to turn out as a non-event.
The pair currently trades 0.19% higher at 180.53, compared to the previous session’s close at 180.15 levels. Moreover, the pair clocked a high of 180.91, although gains could not be sustained as the GBP/USD pair fell to 18-month low of 1.5034 levels ahead of the BOE meet, wherein the bank is widely expected to keep key policy tools unchanged. The central bank typically does not publish a statement when policy is left unchanged, so today’s announcement will probably amount to a non-event for the British Pound.
In the meantime, the GBP/JPY cross is being supported by strength in the USD/JPY pair, which currently trades 0.48% higher at 119.81 levels.
GBP/JPY Technical Levels
The immediate support is seen at 180.00, under which losses could be extended to 179.57 levels. Meanwhile, resistance is seen at 180.75 (100-DMA) and 181.04 (Nov. 10 low) levels.
The pair currently trades 0.19% higher at 180.53, compared to the previous session’s close at 180.15 levels. Moreover, the pair clocked a high of 180.91, although gains could not be sustained as the GBP/USD pair fell to 18-month low of 1.5034 levels ahead of the BOE meet, wherein the bank is widely expected to keep key policy tools unchanged. The central bank typically does not publish a statement when policy is left unchanged, so today’s announcement will probably amount to a non-event for the British Pound.
In the meantime, the GBP/JPY cross is being supported by strength in the USD/JPY pair, which currently trades 0.48% higher at 119.81 levels.
GBP/JPY Technical Levels
The immediate support is seen at 180.00, under which losses could be extended to 179.57 levels. Meanwhile, resistance is seen at 180.75 (100-DMA) and 181.04 (Nov. 10 low) levels.