FXStreet (Mumbai) – The GBP/JPY trades at 190.18 after having declined from the high of 190.57 the first quarter UK GDP which is expected to be revised higher.
GBP/JPY: Eyes UK GDP
The UK first quarter GDP is expected to be revised higher to 2.5% from 2.4% year-on-year and to 0.4% from 0.3% quarter-on-quarter. The British Pound, is thus, being favored ahead of the GDP data.
Moreover, the slide in the USD/JPY from the daily high of 124.13 triggered dollar weakness across the board. Consequently, the GBP/USD advanced to 1.5360, thereby ensuring the GBP/JPY cross stayed above 190.00.
GBP/JPY Technical Levels
The immediate resistance is located at 190.57, above which gains could be extended to 192.00 levels. On the flip side, a break below 190.00 could push the pair down to 189.80-189.70 levels.
(Market News Provided by FXstreet)