GBP/JPY threatens to fall below 190.00

FXStreet (Mumbai) – The GBP/JPY pair was offered above 190.50 leading to a drop to 190.02 levels, after the official data in the UK left the first quarter GDP unrevised at 0.3% quarter-on-quarter.

Weaker-than-expected GDP weighs over Pound

The British Pound was pushed higher in anticipation of an upward revision in the first quarter GDP – 0.4% from 0.3% q/q and 2.5% from 2.4% y/y. However, the actual figures showed growth rate unchanged at first estimate levels. Consequently, the GBP/JPY pair fell from 190.51 to 1960.10 levels.

So far, the cross has has managed to hold above 190.00 levels, mainly because the USD/JPY pair has recovered from 123.60 to 123.88 levels. It remains to be seen if the offers on the GBP allow the cross to stay above 190.00.

GBP/JPY Technical Levels

The immediate resistance is located at 190.57, above which gains could be extended to 192.00 levels. On the flip side, a break below 190.00 could push the pair down to 189.80-189.70 levels.

The GBP/JPY pair was offered above 190.50 leading to a drop to 190.02 levels, after the official data in the UK left the first quarter GDP unrevised at 0.3% quarter-on-quarter.

(Market News Provided by FXstreet)