FXStreet (Mumbai) – The GBP/JPY extended gains to trade above 193.50 ahead of the data in the UK, which could show average hourly earnings ticked higher in three months to April.
GBP/JPY – at the September 2008 highs
The pair currently trades at 193.55, a level last seen in September 2008. The pair began its upward journey in the late Asian session today, with gains being extended ahead of the hourly earnings data in the UK, which is seen rising 2.1% year-on-year in three months to April.
Meanwhile, the markets could ignore the BOE minutes, which are likely to show unanimous vote to maintain interest rates at record lows.
GBP/JPY Technical Levels
The immediate resistance is located at 194.48 (Feb 2005 low), above which the pair could target 197.00 (Apr. 2008 low). On the other hand, a break below 193.00 could see the pair re-test 190.69 (May 2015 high).
(Market News Provided by FXstreet)