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GBP/JPY above hourly 100-MA after UK GDP data

FXStreet (Mumbai) - The GBP/JPY pair quickly jumped to trade above its hourly 50-MA located at 182.44 levels even though the annualised Q2 GDP figure was revised lower by the UK Office for National Statistics.

Technical correction amid risk on rally

Sterling is witnessing a technical correction after the ONS left the growth rate unchanged at 0.7% q/q. Meanwhile, the Japanese Yen is under pressure on account of the risk-on rally in the European equity markets. Even the US index futures are trading in the green.

Consequently, the stage appears set for the GBP/JPY to witness a technical correction after having shed more than 700 pips in last six trading sessions.

GBP/JPY Technical Levels

The pair clocked a high of 182.70, before falling back slightly to trade around 182.50. The immediate resistance is located at 182.53 (5-DMA), followed by a major hurdle at 183.31 (Sep 29 high). On the other side, support is seen at 180.95 (Tuesday’s low) and 180.36 (Sep 7 low).

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