GBP/JPY attempting break above 131.00, eyes UK service PMI

GBP/JPY is once again attempting gains above 131.00 levels on the back of a technical recovery in the GBP/USD pair ahead of the UK services PMI release.

Eyes UK services PMI

The data due today is expected to show the pace of expansion in the service sector slowed down slightly in September. It is worth nothing that the British Pound failed to cheer the better-than-expected manufacturing and construction PMI beat released earlier this week.

Hence, caution is advised even though the service sector PMI beats estimates. Meanwhile, Dollar-Yen is stuck around 103.00 as well.

GBP/JPY Technical Levels

The cross was last seen trading near 130.10. A break above resistance at 131.14 (hourly 100-MA) would open doors for 132.00 levels (zero figure). A violation there could yield 132.44 (Sep 29 high), On the other hand, a failure to hold above 131.00 would expose 130.07 (Oct 3 low), under which losses could be extended to 129.63 (Sep 27 low).