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GBP/JPY rejected at 38.2% Fib

FXStreet (Mumbai) - The GBP/JPY pair lost momentum as it neared 185.63 (38.2% of 180.66-186.80) and turned lower to trade near 185.00 levels in Europe.

Supported by hourly 50-MA

The cross found support at its hourly 50-MA located at 185.07 amid signs of strength in the European stocks. The pan-European Euro Stoxx 50 index is up 0.30% in early session and that is keeping the gains in the Yen restricted.

At the moment, the cross is trading around 185.15 and could continue to track the movement in the equity markets.

GBP/JPY Technical Levels

The immediate resistance is located at 185.79 (hourly 100-MA0, above which the gains could be extended to 188.00. On the other side, a break below 185.07 (hourly 50-MA) and 184.32 (Nov 24 low).

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