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21 May 2015
GBP/JPY rises to 2015 high
FXStreet (Mumbai) - The GBP/JPY jumped to 189.42, its highest level this year, after the official data released in the UK showed retail sales growth rebounded in April.
Pound gains as UK retail sales rebound
The British Pound shot higher after the data released by the UK Office for National Statistics (ONS), the retail sales in April rose 4.7% compared with April 2014, beating the estimate of a 3.8% rise, and up from March’s 4.2%. Month-on-month retail sales rebounded 1.2%, bettering the estimate of 0.4%, and up from March’s -0.5% reading.
The pair is now inching closer to 5th Dec, 2014 high of 189.68. The pair had been on a declining trend for the major part of 2015. However, post the UK election results, the British Pound surged across the board.
GBP/JPY Technical Levels
The immediate resistance is seen at 189.68, above which gains could be extended to 190.00 levels. On the flip side, a break below 188.57, could drive the pair lower to its 10-DMA at 187.84.
Pound gains as UK retail sales rebound
The British Pound shot higher after the data released by the UK Office for National Statistics (ONS), the retail sales in April rose 4.7% compared with April 2014, beating the estimate of a 3.8% rise, and up from March’s 4.2%. Month-on-month retail sales rebounded 1.2%, bettering the estimate of 0.4%, and up from March’s -0.5% reading.
The pair is now inching closer to 5th Dec, 2014 high of 189.68. The pair had been on a declining trend for the major part of 2015. However, post the UK election results, the British Pound surged across the board.
GBP/JPY Technical Levels
The immediate resistance is seen at 189.68, above which gains could be extended to 190.00 levels. On the flip side, a break below 188.57, could drive the pair lower to its 10-DMA at 187.84.