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6 May 2015
GBP/JPY recovers losses on the upbeat UK PMI report
FXStreet (Mumbai) - The GBP/JPY recovered from the low of 181.59 to trade largely unchanged for the day on the back of a better-than-expected UK services PMI report.
Hovers around 5-DMA
The pair currently hovers around its 5-DMA located at 181.89 after the data showed final UK services PMI reading for April stood at 59.5, beating the estimate of 58.5, and up March’s 58.9. The British Pound saw a moderate relief rally as the upbeat services PMI report indicated the economic recovery remained intact. Moreover, the markets were worried the UK economy could be losing steam after the manufacturing PMI and construction PMI for April highlighted a sharp slowdown in the activity.
GBP/JPY Technical Levels
The immediate support is located at 181.39, under which losses could be extended to 180.36 (200-MA). On the flip side, a break above 182.04 (10-DMA) could push the pair higher to 182.77.
Hovers around 5-DMA
The pair currently hovers around its 5-DMA located at 181.89 after the data showed final UK services PMI reading for April stood at 59.5, beating the estimate of 58.5, and up March’s 58.9. The British Pound saw a moderate relief rally as the upbeat services PMI report indicated the economic recovery remained intact. Moreover, the markets were worried the UK economy could be losing steam after the manufacturing PMI and construction PMI for April highlighted a sharp slowdown in the activity.
GBP/JPY Technical Levels
The immediate support is located at 181.39, under which losses could be extended to 180.36 (200-MA). On the flip side, a break above 182.04 (10-DMA) could push the pair higher to 182.77.