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Forex pairs in this Article » GBP/USD, USD/JPY (Moscow) - GBP/JPY is quite a performer today! The cross is moving higher after breaking the key resistance of 172.00.

GBP/JPY is getting hot

GBP/JPY is inspiring today. The cross moved from 170.40 at the opening to 172.20 gaining 80 pips as the markets are bracing themselves for the most important event of the day - FOMC minutes. UK published BRC shop price index earlier today that showed the annual decline of 0.8% in December after drop of 0.3% in November. The news is GBP-negative, but that failed to to stir the downside movement in GBP/JPY. The rest of the day have nothing of particular interest, which makes the cross a pure technical play. GBP/JPY retraced from lows yesterday and managed to finish the day in the green zone. During Asian hours the cross broke above the important resistance of 172.00 and continued growing. The stops clustered above that level are likely to accelerate the bullish dynamic in the intraday scale and bring the cross higher, to the next resistance at 173.00.

What are today’s key GBP/JPY levels?

Today's central pivot point can be found at 171.36, with support below at 171.00, 170.47 and 170.11, with resistance above at 172.25, and 172.78. Hourly Moving Averages are mixed, with the 200SMA at 172.71 and the daily 20EMA at 170.74. Hourly RSI is neutral at 64.91.
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