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GBP/JPY rebounds sharply and approaches last week highs

FXStreet (Córdoba) - GBP/JPY rebounded sharply and climbed to 174.45, approaching last week highs. During the European session the pair bottomed at 172.97, the lowest price since September 11 but then bounced sharply as the Pound strengthened in the market, rising almost 150 pips from the lows.

The pair is about to post the second highest daily close for the month and near 2014 highs and the fifth daily gain out of the last six trading days.

GBP/JPY outlook

On a wider perspective the pair continues to move sideways, facing strong long term resitance around 175.00 - 175.40 and with support around 169.50. On the short term momentum favor the upside but with economic reports from the UK ahead and the Scottish referendum on Thursday, price action is likely to be determined by the data and the results.

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