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GBP/JPY supported by upbeat services output data

FXStreet (Mumbai) - Sterling wobbled after a weaker-than-expected Q3 UK GDP reading, but the uptick in the services output ensured the losses in the GBP/JPY pair remained capped around 184.30.

Sterling on recovery mode

The British Pound is taking back losses across the board. The slowdown in the activity was largely due to the drop in construction and manufacturing activity, which was already highlighted by the PMI figures.

However, the services output rose to its highest since Q4 2014, which is keeping GBP bulls alive. The GBP/JPY cross now trades around 184.63 levels.

GBP/JPY Technical Levels

The immediate resistance is located at 185.00 (200-DMA), above which the cross could target 185.50 (hourly 100-MA) and 185.65 (hourly 50-MA). On the other side, the pair could drop to 183.48 (50% of Oct low to high) in case it takes out the strong support at 184.15 (38.2% of Oct low to high).

EUR/JPY cracks 133.00, lowest in 7-weeks

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