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GBP/JPY snaps four day losing streak

FXStreet (Mumbai) - Sterling received a boost from the upward revision of the UK GDP forecast by the OBR, which ensured the GBP/JPY cross snapped four-day losing streak.

Fails to sustain above key fib

The cross clocked a high of 185.79, but failed to sustain above 185.63 (38.2% of 180.66-188.70). Sterling remained relatively resilient to the US data and actually clocked a fresh session high against the USD. Meanwhile, the USD/JPY pair jumped higher on an upbeat UK data.

Consequently, the GBP/JPY cross jumped to a session high of 185.79. Ahead in the day, the action in the US stocks could affect the pair.

GBP/JPY Technical Levels

At 185.40, the immediate resistance is located at 185.63 (38.2% of 180.66-188.70), above which gains could be extended to 185.79 (daily high). On the other side, support is seen at 184.93 (50-DMA) and 184.32 (previous day’s low).

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