FxWirePro: GBP/JPY trades weak, markets eye UK retail sales
GBP/JPY is consolidating after hitting low of 147.06 level. GBP has shown a minor weakness after weaker than expected UK CPI data.Markets eye UK retail sales data which is to be released today for further direction.Marke…
GBP/JPY is consolidating after hitting low of 147.06 level. GBP has shown a minor weakness after weaker than expected UK CPI data.Markets eye UK retail sales data which is to be released today for further direction.Market expects weak set of UK retails sales. UK retail sales is expected to decline -1.7% m/m according to Barclays Research Team.Any weakness in the retail sales will drag the pair till 1.3000 level. GBPJPY hits intraday low of 147.18 and is currently trading around 147.29.
The pair is facing strong resistance at 147.82 (55-H EMA) and any break above will take the pair till 147.92 (200- H MA)/148.24 (100- H MA).
On the lower side, near term support is around 147 (trend line support) and any break below will take the pair to next level till 146/145.
It is good to sell on rallies around 147.55-60 with SL around 148.20 for the TP 146/145.
