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GBP/JPY Slides 160pips On UK GDP Reports
By Benny Nardino | February 27, 2008
Pound-yen, GBP/JPY came down 160 pips on news 
of the UK Gross Domestic Product (GDP) report. The report came in at 0.6% this morning.
That was even on previous quarter but Index of services fell shot of 0.7% forecast by 0.1% . By norm, this was not enough to create this volatility except the nature of the season.
The cross broke through the today’s trading range and yesterday’s Asian market low - a trading support of 211.79 to make a low of 211.38.
Since blitz it had vacillated between today’s low of 211.38 and 211.79. Could this be another consolidation range for further move? If so which 
direction? See chart.
Is this a sign that the recession is looming or it’s already here? How strong is the pound sterlings in comparison to other world currencies? Have your say.
Tags: gbp jpy, GBP/JPY Slides 160pips On UK GDP Reports, GBPJPY, UK GDP Reports
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5 Responses to “GBP/JPY Slides 160pips On UK GDP Reports”
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March 20th, 2008 at 12:06
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