GBP/JPY tumbles to 152.24/26 after GDP in UK

FXstreet.com (Barcelona) - The GBP/JPY sell-off has been in full swing during European trading, leading the cross to plunge to session lows on the heels of economic data in the United Kingdom.

At this juncture, the cross has virtually collapsed Thursday, plunging to the 152.24/26 level, down a colossal -2.09%. In the United Kingdom, Gross Domestic Product (QoQ) grew +0.3% in Q1, matching expectations of +0.3%. Moreover, Gross Domestic Product (YoY) has yielded +0.6% in Q1, in line with estimates calling for a growth of +0.6%.

Following a break below the 152.70 support, additional structures will fortify the pair at 152.00, ahead of 151.55, and finally 150.70. Alternatively, a recovery will lead to resistances at 153.85, then 154.75, and ultimately 155.00, notes the ICN.com Technical analyst team.

According to the ICN.com Technical Analyst Team, “The GBP/JPY failed to maintain the bullish wave, moving sharply lower below the 154.70 horizontal support level and confirming a possible medium-term top below 156.75. We look for further downside from now on, targeting mainly 150.00 areas.”