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GBP/JPY drops to hourly 200-MA

FXStreet (Mumbai) - The cross in the GBP/JPY ran through fresh supply as the European markets opened in the red against expectations of a higher start, which dented market sentiment and boosted the demand for safe-haven such as yen.

GBP/JPY falls further from 186.50

Currently, the GBP/JPY pair trades -0.38% lower at 186.24, witnessing a sharp fall to 186.16 lows. The yen was bolstered against the British currency on Europe open as a major turnaround in risk sentiment was seen, with European stocks opening in the negative territory.

Adding to the bearish pressure, the pound also lost footing versus the US dollar and trades below 1.55 barrier as the UK traders pay attention to the UK’s Osborne’s speech.

In the day ahead, the cross is likely to remain influenced by the risk-off/on market profile ahead of the UK’s public sector net borrowings data due later this session.

GBP/JPY Technical Levels

To the upside, the next resistance is located at 187.05 (Today’s High) levels and above which it could extend gains to 187.39 (Sept 21 High) levels. To the downside immediate support might be located at 185.95 (Sept 21 Low) below that at 185.32 (Aug 28 Low) levels.

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