The GBP/JPY cross attracts some dip-buying near the 190.85-190.80 region on Tuesday and climbs to a fresh daily peak during the first half of the European session. Spot prices currently trade around the 191.60 area and look to build on the overnight bounce from a one-week low.
The British Pound (GBP) gets a goodish lift following the better-than-expected release of the flash UK Services PMI, which rose to 54.9 in April from the previous month's final reading of 53.1. Apart from this, a modest US Dollar (USD) downtick, to a larger extent, overshadows an unexpected contraction in the UK manufacturing sector and turns out to be a key factor acting as a tailwind for the GBP/JPY cross.
The Japanese Yen (JPY), on the other hand, continues with its relative underperformance in the wake of the Bank of Japan's (BoJ) cautious approach towards further policy tightening. Furthermore, hopes that the Iran-Israel conflict will not escalate further remain supportive of a generally positive risk tone, which further seems to undermine the safe-haven JPY and lends additional support to the GBP/JPY cross.
Traders, meanwhile, remain on alert in the wake of speculations that Japanese authorities will intervene to prop up the domestic currency. This is holding back the JPY bears from placing aggressive bets ahead of the crucial BoJ policy decision on Friday. In the meantime, speculations about more aggressive policy easing by the Bank of England (BoE) might further contribute to capping gains for the GBP/JPY cross.
Overview | |
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Today last price | 191.75 |
Today Daily Change | 0.52 |
Today Daily Change % | 0.27 |
Today daily open | 191.23 |
Trends | |
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Daily SMA20 | 191.59 |
Daily SMA50 | 190.71 |
Daily SMA100 | 187.55 |
Daily SMA200 | 185.61 |
Levels | |
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Previous Daily High | 191.7 |
Previous Daily Low | 190.32 |
Previous Weekly High | 192.84 |
Previous Weekly Low | 190.3 |
Previous Monthly High | 193.54 |
Previous Monthly Low | 187.96 |
Daily Fibonacci 38.2% | 190.85 |
Daily Fibonacci 61.8% | 191.18 |
Daily Pivot Point S1 | 190.47 |
Daily Pivot Point S2 | 189.7 |
Daily Pivot Point S3 | 189.09 |
Daily Pivot Point R1 | 191.85 |
Daily Pivot Point R2 | 192.47 |
Daily Pivot Point R3 | 193.23 |
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