GBP/JPY surrendered gains ahead of UK data

By FXStreet FXStreet (Mumbai) – The GBP/JPY pair surrendered gains ahead of the data in the UK, which could show the core inflation ticked higher in November.

Six-day losing streak

The cross is on a six-day losing streak as the Sterling underperformed during the recent bout of the USD weakness. The Japanese Yen turned out to be a major beneficiary on account of the oil-driven risk aversion in the markets.

The immediate focus is now on the UK November CPI. The markets would be more focused on the core CPI, since the losses in oil could easily result in a weaker headline figure.

GBP/JPY Technical Levels

At 183.23, the immediate support is seen at 182.90 (61.8% of 174.88-195.88), under which the pair could drop to 182.12 (previous day’s low). On the other side, a break above 183.37 (Dec 10 low) would expose 184.02 (23.6% of 195.88-180.36).
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Source:: FX Street