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2 Jan 2015
GBP/JPY wipes out gains after weak UK Factory data
FXStreet (Mumbai) - The British pound slipped versus the Japanese counterpart today, shaving off gains from the Asian session after UK factory activities drops to weakest in last three months in December.
Currently, the GBP/JPY pair trades lower by -0.10% at 186.45 levels, having posted day’s high at 187.32 levels in the Asian morning. The cross in GBP/JPY turned into red after activities in the UK manufacturing sector cooled off in the second half of 2014 UK manufacturing PMI slowed in December as Markit's PMI measure unexpectedly fell to 52.5, below estimates of 53.6. The slowdown in the factory output was largely due to weaker exports as political uncertainties weighed on market sentiments.
GBP/JPY Technical Levels
To the upside, the next resistance is located at 187.37 (Dec 30 High) and above which it could extend gains to 187.51 (Dec 23 High) levels. To the downside, immediate support might be located at 185.99 (Dec 19 Low) levels and below that at 185.64 levels.
Currently, the GBP/JPY pair trades lower by -0.10% at 186.45 levels, having posted day’s high at 187.32 levels in the Asian morning. The cross in GBP/JPY turned into red after activities in the UK manufacturing sector cooled off in the second half of 2014 UK manufacturing PMI slowed in December as Markit's PMI measure unexpectedly fell to 52.5, below estimates of 53.6. The slowdown in the factory output was largely due to weaker exports as political uncertainties weighed on market sentiments.
GBP/JPY Technical Levels
To the upside, the next resistance is located at 187.37 (Dec 30 High) and above which it could extend gains to 187.51 (Dec 23 High) levels. To the downside, immediate support might be located at 185.99 (Dec 19 Low) levels and below that at 185.64 levels.