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10 Jan 2014
The GBP/JPY bulls are dead-set to drive the cross higher
FXstreet.com (Moscow) - GBP/JPY is on the upside quest today morning, as it has already earned more than 30 pips after opening at 172.53.
GBP/JPY makes its way higher
GBP/JPY has a good chance to finish the first full trading week of the year in green. The cross is growing the fourth day in a row and it has already smashed several resistance levels. Now the bulls are aimed at 173.00 and they may get what they want with little luck and little help from GBP macro statistics. The Bank of England monetary decision was a non-event, as expected. But its governor Mark Carney made it quite clear that the UK does not need more QE. This confirms our view that the BoE is among the most aggressive central banks of the developed world - in sharp contrast with the Bank of Japan. No doubt this will help to create longer-term GBP bullish sentiment. Today the British currency may gain support form the industrial production numbers once they are better than expected.A slight decrease to 3.0% y/y in November form 3.2% in October, forecasted by the analysts, is unlikely to have a great impact on the GBP sentiment.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 172.69, with support below at 172.23, 171.74 and 171.28, with resistance above at 173.19, 173.65 and 174.14. Hourly Moving Averages are bullish, with the 200SMA at 172.62 and the daily 20EMA at 171.07. Hourly RSI is neutral at 57.52.
GBP/JPY makes its way higher
GBP/JPY has a good chance to finish the first full trading week of the year in green. The cross is growing the fourth day in a row and it has already smashed several resistance levels. Now the bulls are aimed at 173.00 and they may get what they want with little luck and little help from GBP macro statistics. The Bank of England monetary decision was a non-event, as expected. But its governor Mark Carney made it quite clear that the UK does not need more QE. This confirms our view that the BoE is among the most aggressive central banks of the developed world - in sharp contrast with the Bank of Japan. No doubt this will help to create longer-term GBP bullish sentiment. Today the British currency may gain support form the industrial production numbers once they are better than expected.A slight decrease to 3.0% y/y in November form 3.2% in October, forecasted by the analysts, is unlikely to have a great impact on the GBP sentiment.
What are today’s key GBP/JPY levels?
Today's central pivot point can be found at 172.69, with support below at 172.23, 171.74 and 171.28, with resistance above at 173.19, 173.65 and 174.14. Hourly Moving Averages are bullish, with the 200SMA at 172.62 and the daily 20EMA at 171.07. Hourly RSI is neutral at 57.52.