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GBP/JPY jumps from hourly 100-MA

FXStreet (Mumbai) - The GBP/JPY pair jumped from the hourly 100-MA at 182.00 to trade around 182.60 levels as the recovery in the European stocks weakened the bid tone on the JPY.

Trades above hourly 200-MA

On its way up, the pair took out the hourly 200-MA located at 182.22 levels. Earlier today, the bid tone on the JPY strengthened, pushing the pair below its hourly 200-MA due to the weakness in the European stocks. However, the hourly 100-MA offered support to the pair.

Ahead in the day, the cross could take cues from the sentiment on the Wall Street. It remains to be seen if the US equities rise for the fifth consecutive session or turn lower on concerns of global growth slowdown.

GBP/JPY Technical Levels

At 182.66, the pair faces multiple resistance in the zone of 183.00-183.30 levels, a break above the same would expose 184.15 (Aug 26 low). On the downside, a break below 182.45 (Sep 2 low) and 181.98 (daily low) could open doors for a sell-off to 180.66 (Oct 2 low).

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