FXStreet (Mumbai) – The GBP/JPY pair ran into offers above 189.70 for the second time since the early European session today.
Pound struggles ahead of UK GDP
The UK first quarter GDP, due on Thursday, is expected to be revised higher to 2.5% year-on-year. However, the British Pound is unable to extend gains in anticipation of the upbeat GDP figures. Moreover, the pair has been struggling since last week to rise above 189.80-190.00 levels.
GBP/JPY Technical Levels
The pair currently trades at 189.51. The immediate support is located at 189.00, under which the pair could drop to 188.64 (5-DMA). On the flip side, a break above 190.00 could open doors for 192.00 levels.
(Market News Provided by FXstreet)