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GBP/JPY strengthening up below 171 handle

FXStreet (Guatemala) - GBP/JPY is trading at 171.16, up 0.18% on the day, having posted a daily high at 171.28 and low at 171.02.

GBP/JPY starts the week on the outlook of the MPC Minutes that arrive on 20 Aug. Analysts at TD Securities explained that consensus expectations had initially been for a dissent or two in favour of a rate hike at the August BoE decision, but after a fairly dovish QIR, it looks more likely that we see a 9-0 vote instead. “We think that we’ll have to see some upward movement in wages before we get our first dissent, so likely later this year, but not yet. Meanwhile, analyst at HSBC commented that the Yen is the notable exception to our expectation of USD strength in the coming quarters.

GBP/JPY hourly levels

Spot is presently trading at 171.17, and next resistance can be seen at 171.24 (Daily Open), 171.28 (Daily High), 171.30 (Weekly Classic PP), 171.31 (Hourly 100 SMA) and 171.40 (Daily Classic R1). Support below can be found at 171.06 (Hourly 20 EMA), 171.02 (Daily Low), 170.92 (Daily Classic PP) and 170.86 (Monthly Low).

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