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10 Apr 2015
GBP/JPY hit session low below 176.00
FXStreet (Mumbai) - The British Pound was heavily offered after the data showed UK industrial production was weaker-than-expected in February. The GBP/JPY pair hit a low of 175.90, before recovering slightly to 176.10.
GBP/JPY: down 300 pips from the weekly high
The pair has weakened from the high of 179.27 to trade around 176.00 levels today. The sell-off in the first half of the week was largely driven by a broad based USD strength. However, the Japanese Yen remained relatively resilient against the USD.
Meanwhile, the latest drop in the pair was largely driven by the rise in the UK trade deficit and a slowdown in the UK industrial production in February.
GBP/JPY Technical Levels
The immediate support is seen at 175.90, under which the pair could drop to 175.48. On the flip side, a rise above 176.46, could see the pair re-test 177.00 levels.
GBP/JPY: down 300 pips from the weekly high
The pair has weakened from the high of 179.27 to trade around 176.00 levels today. The sell-off in the first half of the week was largely driven by a broad based USD strength. However, the Japanese Yen remained relatively resilient against the USD.
Meanwhile, the latest drop in the pair was largely driven by the rise in the UK trade deficit and a slowdown in the UK industrial production in February.
GBP/JPY Technical Levels
The immediate support is seen at 175.90, under which the pair could drop to 175.48. On the flip side, a rise above 176.46, could see the pair re-test 177.00 levels.