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GBP/JPY stays near 2-1/2 week highs after UK data

FXStreet (Mumbai) - The bid tone on the GBP slightly weakened, still the GBP/JPY cross sustained near 2-1/2 week highs after the data in the UK showed a slowdown in the UK annualised retail sales growth.

Hovers just below 187.50

The cross shed a few pips following the UK data to trade just below 187.50, despite weakness in the JPY against the USD has kept the bid tone around the GBP/JPY cross intact. The safe haven Japanese Yen is under pressure as markets weigh the possibility of the Fed rate hike today.

Ahead in the day, the cross could be influenced by the movement in the US treasury yields and overall market sentiment. The pair currently trades around 187.40; up 0.30% on the day.

GBP/JPY Technical Levels

The immediate resistance is located at 188.09 (Aug 26 high), above which the pair could rise to 189.94 (100-DMA). On the other side, support is seen at 186.70 (daily low) and 185.41 (200-DMA).

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