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GBP/JPY consolidating big overnight losses

FXStreet (Guatemala) - GBP/JPY is trading at 182.26, down -0.11% on the day, having posted a daily high at 182.51 and low at 182.08.

GBP/JPY is supported on the 182 handle having plummeted on the news overnight from the UK arriving in the from of the quarterly inflation report. This was offered a move dovish outlook than what had been expected from the BoE. However, it was not a huge surprise and markets have swallowed and now digested the news and the pound is consolidating the losses at this juncture. Rates in the UK are expected to rise not until after the UK elections next year.

GBP/JPY: the bigger picture

Luc Luyet, analyst at Swissquote Bank SA, explained that in the long-term, the trend is positive as long as the strong support area between 169.51 (11/04/2014 low) and 167.78 (18/03/2014 low) holds. “The break of the strong resistance at 180.72 (19/09/2014 high) opens the way for further strength. A key resistance stands at 197.45 (24/09/2008 high)”.

GBP/JPY noteworthy levels

Current price is 182.27, with resistance ahead at 182.56 (Hourly 100 SMA), 182.65 (Hourly 20 EMA) and 183.05 (Daily Classic PP). Next support to the downside can be found at 182.16 (Hourly 200 SMA) and 181.98 (Weekly Classic PP).

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