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GBP/JPY back below 200-DMA, but above 185.00

FXStreet (Mumbai) - The GBP/JPY pair failed to sustain above its 200-DMA at 185.33 levels, but stays on a positive footing above 185.00 handle.

Trades at one month high

At 185.16, the cross trades at its highest in almost a month. The hawkish comments from the BOE’s McCafferty did little to strengthen the Pound. Meanwhile, losses in the European equity markets kept the JPY bulls alive. Consequently, the upside momentum faded at a high of 185.59 levels.

Ahead in the day, the sentiment on the Wall Street and the action in the EUR/GBP cross could influence the demand for Sterling and Sterling crosses.

GBP/JPY Technical Levels

The immediate resistance is located at 185.33 (200-DMA) and 185.73 (50-DMA), above which the pair could rally to 1875.50 levels (multiple resistance on the daily chart). On the other side, a break below 185.00 would open doors for a re-test of 10-DMA at 184.01 and 183.80 (5-DMA).

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