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Sterling poised to extend gains against Euro, Yen - JPMorgan

FXStreet (Bali) - Thomas Anthonj, FX Strategist at JPMorgan, shares his technical view on the GBP crosses, noting that the Pound looks poised to extend gains vs EUR and JPY.

Key Quotes

"For GBP Crosses, we see additional upside to 183.98 (50 %) in GBP/JPY as long as key-support between 176.38 and 175.38 (minor 38.2 %/pivot) is defended."

"The mirror image is displayed in EUR/GBP where the downside looks to be open for an extension to 0.7755/44 (2012 low/50 %) as long as key-resistance between 0.7886/97 and 0.7940 (minor 38.2 %/daily trend/pivot) is not taken out. Above the latter though, we’d expect a stronger recovery to 0.8036 if not to 0.8177 (int. 38.2 % on 2 scales), which would have to be cleared to reverse the broader downtrend."

"GBP/CHF remains vulnerable to a stronger setback to at least 1.4917 (minor 38.2 %) as long as 1.5486 (2012 high) is not broken."

Japan Corporate Service Price (YoY) registered at 3.5%, below expectations (3.7%) in August

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