FXStreet (Mumbai) – A minor spike in the GBP/JPY pair following the mixed UK data ran out of steam at 185.00 levels following which the pair fell back to 184.80 levels.
Sterling post data rally short-lived
A better-than-expected UK industrial production figure did trigger a minor rally in Sterling, which proved to be short-lived on account of an unexpected contraction in the manufacturing production.
Meanwhile, the European equities have extended losses, which is keeping the Yen demand intact. At the moment, the pair is trading around 184.80 levels.
GBP/JPY Technical Levels
The immediate resistance is seen at 50-DMA at 185.11 and 4-hour 50-MA at 184.21, above which the cross could target 4-hour 200-MA at 185.92. On the other hand, a break below the daily low of 184.83 would open doors for a drop to 184.25 (Nov 27 low).
(Market News Provided by FXstreet)