23 Jul 2015
GBP/JPY: Bulls cheer possibility of upbeat UK data
FXStreet (Mumbai) - The bid tone on the GBP/JPY has strengthened in anticipation of an uptick in the retail sales growth in June.
Focus on UK data
The GBP bulls now await retail sales in the UK, which are expected to have grown by 4.9% y/y and 0.3% m/m in June. Core retail sales are also seen rising at a faster rate in June as compared to May. The British Pound has strengthened across the board in anticipation of an upbeat economic data.
The cross currently trades around 193.80. The pair is inching closer to 193.90-194.00, a level where the pair has been repeatedly offered in the past couple of sessions.
GBP/JPY Technical Levels
The immediate resistance is seen at 194.37 (July 17 high), above which gains could be extended to 195.00. On the flip side, support is seen at 193.30, a break below the same could push the pair down to 192.50.
Focus on UK data
The GBP bulls now await retail sales in the UK, which are expected to have grown by 4.9% y/y and 0.3% m/m in June. Core retail sales are also seen rising at a faster rate in June as compared to May. The British Pound has strengthened across the board in anticipation of an upbeat economic data.
The cross currently trades around 193.80. The pair is inching closer to 193.90-194.00, a level where the pair has been repeatedly offered in the past couple of sessions.
GBP/JPY Technical Levels
The immediate resistance is seen at 194.37 (July 17 high), above which gains could be extended to 195.00. On the flip side, support is seen at 193.30, a break below the same could push the pair down to 192.50.