Wednesday, November 25, 2015

GBP/JPY is silent around 50% fib level

FXStreet (Mumbai) - The GBP/JPY pair is trading comatose just above 184.68 (50% of 180.66-188.70) ahead of the UK autumn statement and spending review.

Eyes UK event

The minor correction in the USD led to an equal move higher in the GBP and JPY against the greenback, hiwhc left the GBP/JPY cross largely unchanged around 184.75.

The markets now await UK autumn statement, which carries forward looking economic statements. The markets expect Osborne to sound cautious on the UK economy and is expected to announce spending cuts, and boost housing programe.

GBP/JPY Technical Levels

The immediate resistance is seen at 185.00 and 185.47 (hourly 50-MA), above which the gains could be extended to 185.63 (38.2% of 180.66-188.70). On the other side, a failure to sustain above 184.68 (50% of 180.66-188.70) would open doors for a re-test of 184.32 and 183.73 (61.8% of 180.66-188.70).
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