FXStreet (Mumbai) - The GBP/JPY cross rose to 169 levels in the early US session as the demand for the safe haven JPY dipped amid rally in oil prices. Trades around hourly 50-MA As of writing, the cross is trading around its hourly 50-MA at 168.88. The recovery in the oil prices helped the European equities recover losses and thus capped safe haven demand for the Yen. The British Pound ignored dovish comments from BOE’s Carney. Hence, the GBP/JPY cross witnessed a sharp recovery from the daily low of 166.98 to 169.00 levels. GBP/JPY Technical Levels The immediate resistance is seen at 169.00, above which the pair could target 169.84 (23.6% of 188.81-163.98). On the other hand, a failure to take out the hourly 50-Ma at 168.88 could send the pair lower to 167.51 (5-DMA), which if taken out shall open doors for a revisit to daily low of 166.98. For more information, read our latest forex news.