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Forex: GBP/JPY pares losses to trade at 152.80/85 after GDP in UK

FXstreet.com (Barcelona) - The GBP/JPY has rallied sharply following the release of upbeat UK data Thursday. Whereas the pair was trading negatively during European trading this morning, it has clearly found a welcome boost, launching to the 152.80/85 level in these moments, +0.60% above its opening levels.

In the United Kingdom, the Gross Domestic Product (YoY) came in at +0.6% in Q1, against expectations of +0.3%. Furthermore, the Gross Domestic Product (QoQ) yielded a figure of +0.3% in Q1, vs. a projection of +0.1%.

Mataf.net analysts point to supports at 151.43, ahead of 150.66, and finally 150.23. On the ascension, a break above 153.06 will enable short-term support at 153.83.

According to the Technical Analyst Team at ICN.com, “The GBP/JPY is fluctuating below its 152.40 resistance, meaning a bearish scenario remains likely so long as this resistance is holding, however we prefer to see further downside confirmation signs to expect a downside move.”

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