GBP/JPY back below 183.00

By FXStreet FXStreet (Mumbai) – The GBP/JPY pair is hovering just below 183.00 levels as weak equities in Europe is attracting fresh safe haven bids on the JPY.

UK data ignored

A lightly upbeat UK construction PMI received little attention from the markets, which remains fixated on the sentiment in the major stock markets. The pan-European Euro Stoxx 600 now trades moderately lower, despite futures pointing to a positive day ahead earlier today. Consequently, the bid tone on the safe havens like the JPY strengthened, while Sterling being perceived as a risk currency, came under pressure.

Ahead in the day, the spot is likely to remain focused on the sentiment on the wall Street. The US ADP employment report could affect market’s appetite for the US dollars and impact the GBP/JPY cross.

GBP/JPY Technical Levels

The immediate support is seen at 182.45 (daily low), under which the pair could drop to 182.00 levels. On the other hand, resistance is seen at 184.14 (weekly 50-MA) and 185.00 levels.
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Source:: FX Street