GBP/JPY declines ahead of UK data

FXStreet (Mumbai) - The GBP/JPY pair extended slide ahead of the data in the UK, which is likely to show retail sales slowed down in December.

The pair traded 0.25% lower at 177.44 levels, compared to the previous session’s close at 177.85 levels. Moreover, the GBP/USD pair is trading marginally weak around 1.5 levels as investors wait for the UY retail sales data for December, which is expected to come-in at 3.0% year-on-year, down from 6.4% in November. Meanwhile, the USD/JPY pair is down 0.14% at 118.34 levels, tracking the slight decline in the US treasury yields. Consequently, the GBP/JPY cross has been pushed lower at the onset of the European session.

GBP/JPY Technical Levels

The immediate support is seen at 117.04-177.00 levels, under which the pair could fall to 176.38 levels. On the other hand, a rise above 178.13 -178.22 (10-DMA and 5-DMA), shall open doors for a re-test of 179.00 levels.