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GBP/JPY retreats from fresh 6-year highs

FXStreet (Córdoba) - GBP/JPY climbed today above 186.00 for the first time since October 2008. Peaked at 186.10 but then pulled back, trimming daily gains.

Despite better-than-expected data from the United Kingdom, where retail sales climbed 0.8% in October, above the 0.3% expected, the pair failed to hold above 186.00 and retreated. The decline from 186.10 found support at 184.92.

During the American session GBP/JPY approached again daily highs but lost momentum and now is moving with a downside bias approaching 185.00.

The pair is rising for the third day in a row as it trades at 185.20, up just 0.10% for the day, but far from the highs, which could suggest some exhaustion in the rally. Since the beginning of the week has risen 250 pips, but more than 300 during the last 24 hours.

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