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GBP/JPY lapping up another run on the dollar

FXStreet (Barcelona) - GBP/JPY is trading at 174.78, up 0.02% on the day, having posted a daily high at 174.91 and low at 174.70.

GBP/JPY made a valiant effort and indeed penetrated the 174 handle as the dollar took a further beating on a less hawkish set of FOMC minutes that lead to a higher sterling jumping 150 pips higher. USD/JPY was less punchy to the downside and remained on the 108 handle. Now we turn attention towards the BoE and MPC meeting. However, due to the recent soft wage growth it is highly unlikely that there are going to be any additional voting members on the side of Weale and McCafferty who were voting for an immediate rate rise of 25bps. It is unlikely that we will get any action from the MPC this time around again and thus there shouldn't be an accompanying statement.

GBP/JPY noteworthy levels

With spot trading at 174.80, we can see next resistance ahead at 174.91/00, 175.58 (Daily 20 SMA), 175.70 (Daily Classic R2) and 175.94 (Weekly Classic PP). Support below can be found at 174.79 (Daily Classic R1), 174.76, 174.72 (Hourly 100 SMA), 174.70 and 174.37 (Hourly 20 EMA).

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