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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.

EUR/GBP recovers to 0.7245 on UK data

The shared currency recovered losses versus the pound in the European session; leaving EUR/GBP almost unchanged after UK’s factory data revealed that the kingdom’s total industrial production fell below market expectations on the back of a steep decline in mining and quarrying.
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EUR/USD below 1.0600 opens up 1.0480 – Kshitij Consultancy

The Kshitij Consultancy Team maintains a near-term bearish outlook on EUR/USD, expecting a break below 1.0600 to pave way for multi-year lows at 1.0480.
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