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11 Mar 2015
GBP/JPY falls into losses
FXStreet (Mumbai) - The GBP/JPY pair fell into losses as the weaker-than-expected UK industrial production data overshadowed the strength in the UK Gilt yields.
GBP/JPY: Trades below 50% Fib retracement level
The pair trades below 182.56, which is the 50% Fib retracement level of the down trend from 187.67 to 175.49 levels. Moreover, the pair declined from a high of 183.11, after the official data released in the UK earlier today showed industrial production in January rose at 1.9% year-on-year vs. the estimate of 2.6%. The earlier figure was revised upwards to 2.6%. The pair currently trades at 182.22; down 0.17% for the day.
GBP/JPY Technical Levels
The immediate support is seen at 181.48 (March 6 low), under which losses could be extended to 180.89 (38.2% Fib retracement). On the other hand, a rise above 182.56 could see the pair re-test 183.11 levels.
GBP/JPY: Trades below 50% Fib retracement level
The pair trades below 182.56, which is the 50% Fib retracement level of the down trend from 187.67 to 175.49 levels. Moreover, the pair declined from a high of 183.11, after the official data released in the UK earlier today showed industrial production in January rose at 1.9% year-on-year vs. the estimate of 2.6%. The earlier figure was revised upwards to 2.6%. The pair currently trades at 182.22; down 0.17% for the day.
GBP/JPY Technical Levels
The immediate support is seen at 181.48 (March 6 low), under which losses could be extended to 180.89 (38.2% Fib retracement). On the other hand, a rise above 182.56 could see the pair re-test 183.11 levels.