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GBP/JPY falls off highs to settle at 156.12/15

FXstreet.com (Barcelona) - The GBP/JPY erased the vast majority of its gains Tuesday, following a generally lackluster data release out of the United Kingdom during European trading.

In the United Kingdom, the Consumer Price Index (YoY and MoM) has climbed +2.4% in April (against expectations of +2.6%) and +0.2% in April (vs. a projection of +0.4%) respectively. In addition, the Core Consumer Price Index (YoY) yielded a figure of +2.0% in April, relative to a consensus of +2.3%.

At the time of writing, the GBP/JPY has eased off of the 156.48 handle to trade back at 156.12/15, or up only +0.06%. Mataf.net analysts point to resistive means for the GBP/JPY at 156.44, onto 156.73, and ultimately 157.16. Conversely, a break below the 155.72 mark will initiate support at 155.29 and 155.00.

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Overnight weakness was met with a recovery movement for the EUR/GBP that effectively transpired during the European session and continued on the heels of a recent tranche of economic data Tuesday.
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UK: Annual CPI at 2.4% in April

On an annual basis UK CPI rose 2.4% in April, down from the 2.8% increase registered the previous month, National Statistics informed on Tuesday. Analysts expected more growth of 2.6%. Month-over-month CPI ticked up 0.2%, following +0.3% and below forecasts of a 0.4% expansion.
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