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GBP/JPY pulling back to 184.20 support

FXStreet (Guatemala) - GBP/JPY is trading at 184.21, up 0.22% on the day, having posted a daily high at 184.69 and low at 183.73.

GBP/JPY’s rally up onto the 184 handle has met supply over a cent higher and currently oscillates at the 184.20 region. However, we are well into positive territory here and Chris Capre, founder at 2ndSkeis explained that only a daily close below 181 would turn the ST picture bearish. “For now, 185 and 189 are on deck."

Well, this is one scenario, but we have the unemployment data and also the BoE’s quarterly inflation report coming up today in the London shift. Fundamentally, this could change the technical picture dramatically as we approach the year ending weeks. Should the data surprise to the upside in any great way, and the unemployment number worsens, the pair could come under pressure, and so to if the inflation report warrant another rethink in respect to the timing of the first interest hike from the BoE towards a normalisation of policy.

GBP/JPY noteworthy short term levels

Current price is 184.23, with resistance ahead at 184.30 (Weekly Classic R1), 186.65 (Weekly Classic R2), 188.97 (Weekly Classic R3). Next support to the downside can be found at 184.06, 183.80 and 183.40.

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