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19 Mar 2015
GBP/JPY slides
FXStreet (Mumbai) - The British Pound saw renewed selling pressure during the North American session, which pushed the GBP/JPY cross back below 148 levels.
GBP/JPY: Drops below 23.6% Fib level
The pair also dropped below the 23.6% Fib retracement (189.67-175.50) located at 178.82. The share rebound witnessed post FOMC has been more or less undone. Moreover, the markets could have sold Pounds on the divergent policy expectations, highlighted by the dovish BOE minutes released earlier this week and the still existing possibility of a Fed rate hike in June.
GBP/JPY Technical Levels
The immediate resistance is seen at 178.22 (March. 13 low), under which the pair could fall to the previous session low of 177.25. On the flip side, a rise above 178.82 could push the pair higher to 179.89 levels.
GBP/JPY: Drops below 23.6% Fib level
The pair also dropped below the 23.6% Fib retracement (189.67-175.50) located at 178.82. The share rebound witnessed post FOMC has been more or less undone. Moreover, the markets could have sold Pounds on the divergent policy expectations, highlighted by the dovish BOE minutes released earlier this week and the still existing possibility of a Fed rate hike in June.
GBP/JPY Technical Levels
The immediate resistance is seen at 178.22 (March. 13 low), under which the pair could fall to the previous session low of 177.25. On the flip side, a rise above 178.82 could push the pair higher to 179.89 levels.