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GBP/JPY takes out 200-DMA after UK data

FXStreet (Mumbai) - The larger-than-expected drop in the UK public sector net borrowing figure strengthened the bid tone on the GBP, pushing the GBP/JPY cross above 200-DMA at 185.36.

Supported at 184.80

The pair turned higher from the low of 184.80 levels as the European stocks erased losses to trade positive. The cross extended the recovery to hit a fresh session high of 185.51 after the UK data showed the public sector net borrowing in September dropped to GBP 8.6 billion.

Sterling is now within touching distance from its 50-DMA located at 185.56 levels.

GBP/JPY Technical Levels

The immediate resistance is located at 185.56 (50-DMA), above which gains could be extended to 186.02 (100% fib expansion of 180.66-184.852-181.838). On the lower side, a break below 185.36 (200-DMA) would open doors for a re-test of 184.80 (daily low).

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