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GBP/JPY finds support at 182.20

FXStreet (Córdoba) - GBP/JPY is rising modestly on Tuesday after UK inflation data and Abe’s announcement about parliamentary elections and a delay in retail sales tax implementation.

The pair peaked during the European session at 183.30, near yesterday’s highs but failed to hold and reversed quickly dropping to test daily lows located slightly above 182.20. During the American session remain steady, moving between 182.20 and 182.85.

Weeks of consolidation for GBP/JPY

The area around 182.20 was tested several times during the day, but the pair managed to hold above; to the upside traded on top of 183.00 but for the second day in a row was rejected.

GBP/JPY continues to consolidate after rallying sharply in October, when jumped from 168.00 to 182.50. During November reached a fresh multi-year high at 184.60 but failed to hold and pulled back toward 182.00/50. Since the beginning of the month the pair has been consolidating, hovering around 182.00.

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EUR/USD is trading at 1.2538, up 0.70% on the day, having posted a daily high at 1.2546 and low at 1.2444.
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