FXStreet (Mumbai) - The battle between the Sterling bulls and risk-off demand for JPY is capping gains in the GBP/JPY pair around 173.10 levels. Sterling buoyed by service sector PMI The bid tone around Sterling remains intact after the service sector PMI bettered estimates and pointed to a faster expansion of activity in January. The currency is scoring gains against most other majors, but has failed to take out post-UK data high due to risk-off in Europe. The weakness in the stock markets is helping the Yen restrict losses. Consequently, the pair is struggling around 173.00 levels. GBP/JPY Technical Levels The immediate resistance is seen at 173.46 (38.2% of 188.81-163.98), above which the prices could test a major hurdle at 175.02 (Feb 1 high). On the other hand, a break below 171.96 (5-DMA) would expose 170.77 (10-DMA). For more information, read our latest forex news.