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GBP/JPY testing critical highs at 186.00

FXStreet (Guatemala) - GBP/JPY is trading at 185.88, up 0.82% on the day, having posted a daily high at 186.02 and low at 184.05.

GBP/JPY has rallied and broken through the upside of the descending channels resistance with conviction clearing 150 pips. The pair has been supported on both a weaker Yen upto 118.50 and a stronger sterling making a comeback and testing the 1.57 resistance yet again.

There have not been any market developments in respect of outlooks across the majors and the cross trades within the same ranges until it breaks above 186.20 or falls below 184.00, 183.00 and meets key support at 182.20 while the immediate risk event for the pair comes tomorrow while with the appearance by governor Carney who will be in front of the Parliament’s Treasury Select Committee for the Inflation Report Hearings.

GBP/JPY noteworthy levels

Spot is presently trading at 185.91, and next resistance can be seen at 186.02, 186.41 (Daily Classic R2), 186.64 (Weekly Classic R1), 187.12 (Daily Classic R3) and 188.91 (Weekly Classic R2). Support below can be found at 185.71, 185.39 (Daily Classic R1) and 185.23.

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