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GBP/JPY ends 8-day winning-streak, eyes 187

FXStreet (Mumbai) - The cross in the GBP/JPY brought a halt to its recent run of gains and extends towards the hourly 50-SMA at 187.32, having failed to surpass 188 handle on Tuesday.

GBP/JPY extends losses below daily pivot at 187.57

Currently, the GBP/JPY pair trades -0.22% lower at 187.37, hovering close to fresh session lows at 187.34 reached in mid-Asia. The cross came under renewed selling pressure after the Japanese yen regained lost footing and jumped off weekly lows against the greenback. The demand for safe-havens picked-up pace after renewed bouts of risk-aversion hit markets on the latest Paris shootout news.

In addition, the losses were accentuated after the GBP/USD pair fell back into the red, having failing to sustain above 1.52 handle on yet another occasion. Meanwhile, markets will take fresh cues from the upcoming US housing data amid a data-empty UK docket. While the FOMC minutes remain the main highlight for today.

GBP/JPY Technical Levels

To the upside, the next resistance lies at 187.62/65 (1h 10 & 20-SMA), above which it could extend gains to 187.99/188 (Nov 17 High/ round number). To the downside, the cross finds immediate support at 187.08/03 (200 & 100-DMA), below that 186.54 (1h 200-SMA), could act as a major support.

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