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GBP/JPY offered for the third consecutive session

FXStreet (Mumbai) - The weak tone around GBP and the rise in safe haven bids on the JPY pushed the GBP/JPY lower for the third consecutive session on Thursday.

Risk aversion pushes JPY crosses lower

The slightly upbeat tone in the European stocks quickly faded away opening doors for the losses. The pan-European Euro Stoxx 50 index lower by more than 1.5%. Consequently, the bid tone around the JPY strengthened, pushing it higher across the board.

The GBP/JPY pair turned lower from the high of 183.56 to trade around the daily low of 182.18 levels. Ahead in the day, the cross is at the mercy of the sentiment on the Wall Street, which in part may be influenced by the weekly US jobless claims, monthly durable goods report and Fed chairwoman Yellen’s speech.

GBP/JPY Technical Levels

At 182.30, the immediate support is seen at 181.81 (Sep 8 low), followed by a major support at 180.36 (Sep 7 low). On the other side, resistance is seen at 183.22 (Aug 24 low) and 184.00 levels.

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