Seesaws at around 186.00, almost unchanged

• GBP/JPY’s modest gain reflects cautious market sentiment ahead of important UK economic releases.
• Technical analysis suggests bullish trend intact; breach above 186.00 could open path to 187.00 and 188.00 resistance levels.
• For a downward shift, sellers need to push the pair below 185.00, targeting the 183.39 low and 182.45 (Teknan-Sen).

The British Pound posted minuscule gains of 0.08% late during the North American session on Thursday, though it’s exchanging hands below the 186.00 figure. The GBP/JPY trades at 185.86 after hitting a daily low of 185.77.

From a technical perspective, GBP/JPY price action remains constrained as traders seem to be waiting for the release of growth data in the United Kingdom (UK). Even though the rally was capped near the top of the Ichimoku Cloud (Kumo), slightly above 186.00, the pair remains bullish. Once buyers lift the exchange rate above the latter, the next resistance would emerge at the 187.00 figure, followed by the 188.00 mark.

On the other hand if sellers step in they must push prices below the 185.00 figure. Once done, they must reclaim the January 10 low of 183.39, followed by the Teknan-Sen at 182.45. A breach of the latter will expose the confluence of the Senkow Span A and the Kijun-Sen at around 182.35/26.

GBP/JPY Price Action – Daily Chart

GBP/JPY Technical Levels