1 May 2014
GBP/JPY retests weekly highs after UK data
FXStreet (Córdoba) - The GBP/JPY gained momentum and spiked to 4-week highs following the latest string of UK data.
UK Markit manufacturing PMI rose to 57.3 in April, beating forecast of 55.4 and March 55.8 print, signaling another month of expansion in the sector, while consumer credit climbed to £1.13B in March, doubling forecast. The GBP/JPY rose more than 40 pips after data and peaked at 178.89, matching previous weekly high although the rally was tempered by UK mortgage approvals, which unexpectedly fell in March.
GBP/JPY level to watch
The GBP/JPY is currently trading at the 172.75 zone, still up 0.17% on the day, with immediate resistances lining up at 172.89 (May 1 & Apr 29 highs), 173.00 (psychological level) and 173.13 (Apr 3 high). On the other hand, supports are seen at 172.25 (10-day SMA), 171.92 (Apr 30 low) and 171.62 (21-day SMA).
UK Markit manufacturing PMI rose to 57.3 in April, beating forecast of 55.4 and March 55.8 print, signaling another month of expansion in the sector, while consumer credit climbed to £1.13B in March, doubling forecast. The GBP/JPY rose more than 40 pips after data and peaked at 178.89, matching previous weekly high although the rally was tempered by UK mortgage approvals, which unexpectedly fell in March.
GBP/JPY level to watch
The GBP/JPY is currently trading at the 172.75 zone, still up 0.17% on the day, with immediate resistances lining up at 172.89 (May 1 & Apr 29 highs), 173.00 (psychological level) and 173.13 (Apr 3 high). On the other hand, supports are seen at 172.25 (10-day SMA), 171.92 (Apr 30 low) and 171.62 (21-day SMA).