FXStreet (Mumbai) – The GBP/JPY pair ran into a wall of resistance seen in the range of 189.70-190.00 levels, after which it pared gains to trade at 189.45 levels.
Eyes UK Q1 GDP
The British Pound was bought in the early European session today in anticipation of the upward revision of the first quarter GDP data due for release on Thursday. However, the GBP/JPY cross was offered at the high of 189.79.
The pair has been struggling to rise above 190.00 levels after having clocked a high at the same level on last Thursday.
GBP/JPY Technical Levels
A break below the immediate support located at 189.00 could drive the pair lower to 188.63 (5-DMA). On the flip side, a break above 190.00 could open doors for a next major hurdle at 192.00.
(Market News Provided by FXstreet)