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GBP/JPY falls into losses ahead of the UK GDP

FXStreet (Mumbai) - The GBP/JPY pair was rejected at 185.00 levels, post which the pair fell into losses to trade at 184.28 levels ahead of the Q4 UK GDP due for release later today.

GBP/JPY: hovers near a key Fibo level

The pair is trading closer to the 61.8% Fib retracement level of the down trend from 189.68 to 175.47 located at 184.24 levels. The Pound weakened tracking weakness in the Gilt yields. The 10-year yield fell 2.5 basis points (bps) to trade at 1.698 ahead of the UK Q4 GDP data which is expected to show growth rate remained unchanged at 2.7% year-on-year. The growth rate is seen steady at 0.5% quarter-on-quarter.

GBP/JPY Technical Levels

The pair has an immediate support at 184.24, under which losses could be extended to 183.87 (5-DMA). On the flip side, resistance is seen at 185.00 and 186.31 levels.

USD consolidation phase likely to extend – BTMU

Lee Hardman, Currency Analyst at Bank of Tokyo-Mitsubishi UFJ, notes that with USD’s price action coinciding with the sharp drop in forex volatility in February, the consolidation phase of USD will likely extend, but modest downside risks might be seen in the dollar on a weaker than anticipated US CPI reading.
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