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GBP/JPY falls below 183.00 on inflation report

FXStreet (Córdoba) - Cable weakened across the board after the release of the quarterly inflation report from the Bank of England, that lowered growth expectations and mentioned that the inflation rate could fall below 1% in six months.

GBP/JPY broke below 183.00 and bottomed at 182.55. On Asian hours the pair climbed to 184.63 reaching a fresh 6-year highs. Afterwards failed to consolidate above 184.50, pulled back to 183.50 and recently turned to the downside with the BoE report. From the highs it has fallen more than 200 pips.

The yen is consolidated gains across the board as it recovers after dropping sharply yesterday while the pound is weakening as UK short term rates move expectations of the first rate hike by the BoE from June 2015 to September 2015.

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