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16 Dec 2013
GBP/JPY remaining bullish?
FXstreet.com (London) - GBP/JPY, after a tremendous clean out of stops and a number of major levels, the pair is consolidating and supported on 167.80.
The weeks main highlight comes in the form of the FOMC, but also to note is the the UK data Strategists at RBS noted the week ahead is going to be rich with UK data and said, “Unemployment is seen stabilising at 7.6% (in line with the consensus), but with risks skewed towards a fall to 7.5%. An unexpected fall would put further pressure on the MPC's dovish forward guidance. While Q3:13 GDP should be unrevised, accompanying current account data may show a further worrying deterioration. A widening in the trade deficit is expected to be a developing theme in 2014. Risks to retail sales are also skewed to the downside on unfavourable weather/seasonals. With real incomes still under pressure, the health of consumer spending looks set to remain a key theatre for the UK recovery story”.
GBP/JPY Levels
The 20 DMA is 166.20, the 50 DMA is 161.20 and the 200 DMA is 154.10. RSI (14) reads 46.42. Supports are ascending from 165.90, 166.60, 166.85, 167.25, 167.45 and 167.80. Spot is 167.96 while resistances are 168.40, 169.35, 169.80 and 170.05.
The weeks main highlight comes in the form of the FOMC, but also to note is the the UK data Strategists at RBS noted the week ahead is going to be rich with UK data and said, “Unemployment is seen stabilising at 7.6% (in line with the consensus), but with risks skewed towards a fall to 7.5%. An unexpected fall would put further pressure on the MPC's dovish forward guidance. While Q3:13 GDP should be unrevised, accompanying current account data may show a further worrying deterioration. A widening in the trade deficit is expected to be a developing theme in 2014. Risks to retail sales are also skewed to the downside on unfavourable weather/seasonals. With real incomes still under pressure, the health of consumer spending looks set to remain a key theatre for the UK recovery story”.
GBP/JPY Levels
The 20 DMA is 166.20, the 50 DMA is 161.20 and the 200 DMA is 154.10. RSI (14) reads 46.42. Supports are ascending from 165.90, 166.60, 166.85, 167.25, 167.45 and 167.80. Spot is 167.96 while resistances are 168.40, 169.35, 169.80 and 170.05.