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GBP/JPY: Gains capped around hourly 50-MA

FXStreet (Mumbai) - The GBP/JPY advanced in the European session today, although the gains are being capped around the hourly 50-MA currently located at 181.84 levels.

Safe havens under pressure

The safe haven Japanese Yen is being penalized today on account of the rally in the European equity markets. Sterling too is being offered once again against the USD ahead of the UK Q2 GDP report.

The GBP/JPY pair suffered losses for the six consecutive sessions; mainly on account of the risk aversion in the equity markets and the drop in the BOE rate hike bets. The focus now shifts to the UK final UK Q2 GDP report due for release later today.

GBP/JPY Technical Levels

The immediate resistance is located at 181.84 (hourly 50-MA), above which the pair could rise to 182.53 (5-DMA). On the other side, support is seen at 180.95 (Tuesday’s low) and 180.36 (Sep 7 low).

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