GBP/JPY keeps range near 146.60 post-UK PMI

The GBP/JPY cross defends gains above 146.50 levels, largely unaffected by the release of downbeat UK services PMI data.

GBP/JPY faces rejection near daily classic R1

The cross in GBP/JPY eased-off daily tops of 146.71, but manages to keep the bid tone, as the GBP bulls remains undeterred by worse-than expected UK services sector activity report, which completed a triple-whammy of disappointing PMI surveys.

More so, the spot continues to derive support from a major pullback seen in USD/JPY, after the Asian slump, fuelled by the North-Korean tensions induced risk-aversion.

Markets now gear up for the US dataset and the much-awaited FOMC June meeting minutes, with wide expectations of fresh hawkish hints due out from the Fed.

Technical Levels

Higher side: 146.71/75 (daily top/ classic R1), 147 (zero figure), 147.50 (psychological levels)

Lower side: 146.38 (5-DMA), 146.02 (daily low), 145.10 (10-DMA)