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GBP/JPY recovers losses ahead of UK GDP

FXStreet (Mumbai) - The Cable recovered losses against the Japanese Yen to trade near the 5-DMA level located at 185.14.

The GBP/JPY is currently trading marginally lower at 185.11 levels. The pair recovered from a low of 184.78 levels hit earlier today, as the Yen pared gains against the US dollar. However, broader gains in the GBP remain capped as the Ten-year Gilt yields declined to 1.992%, from the previous session’s close of 2.014%.

Meanwhile, the USD/JPY pair recovered from the low of 117.60, to trade at the current rate of 117.80. The GBP/USD pair is trading largely unchanged at 1.5712 levels. The markets await the UK Q3 GDP estimate, which is likely to show the growth rate unchanged at 3.0% year-on-year.

GBP/JPY Technical Levels

The pair has an immediate resistance located at 185.40, above which gains could be extended to 185.87 levels. Meanwhile, support is seen at 184.80 and 184.52 levels.

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