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GBP/JPY inching lower to test channel support

FXStreet (Guatemala) - GBP/JPY is trading at 177.66, down -0.09% on the day, having posted a daily high at 177.99 and low at 177.66.

GBP/JPY has been sliding steadily away from the 178 handle threatening channel support again and had faced a series of data released from Japan that has had a benign effect on the pair. First up we had the Japan unemployment rate arrive 3.5% from 3.8% as expected and then Japan household spending -4.7% y/y from -3.8% also as expected. For the UK this week, we will see the GDP report that will include revisions for previous years. “BoE Governor Mark Carney has said that by themselves they are unlikely to affect the outlook for inflation materially. However, revised current account revisions (back to 1997) may well leave a nastier taste”, noted by analysts at RBS.

GBP/JPY noteworthy levels

With spot trading at 177.67, we can see next resistance ahead at 177.74 (Hourly 20 EMA), 177.79 (Hourly 200 SMA), 177.89 (Hourly 100 SMA) and 177.99. Support below can be found at 177.66 (Weekly Classic PP), 177.62 (Daily Classic PP), 177.45 (Weekly Low) and 177.19.

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