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GBP/JPY rises to 182.00 and stalls

FXStreet (Mumbai) - The bears loosened their grip on Sterling after a slightly better UK manufacturing PMI report, allowing the GBP/JPY cross to test offers at 182.00 levels.

Struggles to take rise above 182.00

The GBP/JPY pair repeatedly failed to take out the offers placed around 182.00 levels since Wednesday’s NY session. The UK manufacturing PMI fell to a three month low of 51.5, but the actual figure was slightly better than the estimate of 51.3. Consequently, Sterling managed to climb towards 182.00.

Ahead in the day, the GBP/JPY cross could be influenced by the market’s demand for the Japanese Yen post the release of the US ISM manufacturing report.

GBP/JPY Technical Levels

At 181.86, the immediate resistance is seen at 182.18 (hourly 100-MA), above which the pair could test 183.05 (Sep 30 high). On the other side, support is seen at 181.72 (hourly 50-MA) and 180.36 (Sep 7 low).

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