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Forex: GBP/JPY recovers the mark of 153.61/68 ahead of BoE decision

FXstreet.com (Barcelona) - The GBP/JPY has taken the look of a pair that is quite unsettled ahead of the BoE interest rate decision later today, which looks to hold sway over currency markets Thursday. Indeed, an earlier setback below the 153.30 level was contained, thereby leading to a recovery recently back to the mark of 153.61/68

Thursday looks to be dominated by data and decisions out of the United Kingdom. In particular, later today at 8:30 GMT, investors will learn of a tranche of industrial data out of the economy, while at 11:00 GMT the vaunted BoE Interest Rate decision is scheduled.

At this juncture the cross is still experiencing a loss of -0.19% below its opening Thursday. According to the Mataf.net technical analyst team, the GBP/JPY will encounter its next short-term supports at 152.95, followed by 152.27, and 151.68. Conversely, the pair is slated to face resistance at 154.22, then 154.81, and ultimately 155.49.

“The GBPJPY retreated to settle back below 153.85 – a previously broken high, while the overall bullish wave remains intact, though we would like to see a push back above 153.85 for the bullish bias to resume. Overall, we remain bullish in the near-term.” recommends the ICN.com Technical Analyst team.

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