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GBP/JPY rises above 183.00

FXStreet (Mumbai) - The British Pound rose against the Yen after the official data in the UK showed the cost of living increased in line with the market expectation in October.

The GBP/JPY pair traded 0.32% higher at 183.02 at the time of writing. The pair rose after the UK CPI for October came-in line with forecasts of 1.3% year-over-year. Meanwhile, the core CPI printed at 1.5%, compared to the expectation of 1.6%. Moreover, Moreover, the Pound gained sharply as steady inflation in October reduces a threat of CPI falling below 1% in next six months. However, gains in the GBP/JPY pair may be capped by a drop in Core inflation number.

GBP/JPY Technical Levels

The pair has an immediate resistance at 183.40, above which it could rise to 184.40 levels. Meanwhile, support is seen at 182.00 and 181.46 levels.

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