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GBP/JPY rises to 185.00

FXStreet (Mumbai) - The bid tone on the GBP gathered pace in the US session, helping the GBP/JPY take out 50-DMA resistance and rise to 185.00 levels.

Trades above hourly 100-MA

As of writing, the pair is trading above the hourly 100-MA located at 184.91 levels, but the gains are being capped at 185.00 levels. The gains could have been capped by the YouGov/Citi survey which showed year ahead inflation expectations for the UK fell to 1.2% from the previous figure of 1.4%.

Ahead in the day, the US data could influence the pair. Meanwhile, the sentiment in the US stock markets could influence the demand for the safe haven Yen and have an impact on the GBP/JPY pair.

GBP/JPY Technical Levels

At 184.19, the immediate resistance is seen at 185.15 (5-DMA), above which the gains could be extended to 185.66 (Nov 26 high). On the other side, a failure to sustain above the 50-DMA at 184.82 would open doors for a re-test of the previous day’s low at 184.25.

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