Ella 
During the European morning session on Friday, the GBP/JPY cross closed in the positive line for the fifth consecutive day. The cross is currently trading around 183.90, up 0.24% on the day.
The latest data released by the Office for National Statistics (ONS) showed that the UK’s gross domestic product (GDP) rate in the second quarter was 0.2%, compared with market expectations of 0%. Meanwhile, June’s gross domestic product was 0.5% on month, compared with 0.2% in the previous month.
GBP/JPY has been trading within an uptrend channel since August 4, with the cross above the 50 and 100 hour exponential moving averages (EMA) with upward slopes, implying a positive outlook for further upside in the cross.
That said, key resistance for GBP/JPY lies at 184.00, the confluence of the psychological round-number mark and the July 6 high. Any meaningful follow-through buying will face resistance at 184.55 (upper boundary of the uptrend channel), with a breakout reaching 185.00 (round-figure mark).
On the downside, the initial support to watch is at 183.20 (50-hour EMA). Key support is at 182.80, the confluence of the lower boundary of the uptrend channel and the 100-hour EMA. Further south, GBP/JPY will drop to 182.00 (psychological round number mark) and 181.40 (August 8 low).
The relative strength index (RSI) is in bullish territory above 50, suggesting that further upside is not ruled out.
