FXStreet (Mumbai) – The British Pound is being sold aggressively, thereby pushing the GBP/JPY pair well below 189.00 levels amid a data thin economic calendar in the UK.
GBP/JPY trades at hourly 200-MA
The pair now trades at its hourly 200-MA currently located at 189.76. The British Pound is suffering a sell-off largely triggered by a buying in the EUR/GBP cross. Meanwhile, a weaker-than-expected UK first quarter GDP second estimate released in the previous session continues to weigh over GBP.
Earlier today, the GBP/JPY cross was rejected at a high of 189.98, after which a steady stream of offers on breach of key technical support levels at 189.80-189.70, 189.50 and 189.00 ensured the pair fell to its hourly 200-MA at 189.76.
GBP/JPY Technical Levels
The immediate resistance is located at 189.00, above which the pair faces major hurdle at 189.70 levels. On the flip side, a break below 189.76 (hourly 200-MA) could drive the pair lower to 188.00 levels.
(Market News Provided by FXstreet)