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GBP/JPY needs to break and clear 172.56

FXStreet (Guatemala) - GBP/JPY is trading at 172.35, up 0.09% on the day, having posted a daily high at 172.38 and low at 172.06.

GBP/JPY has been climbing on its advance from 170.80 and without little in the way of before 171.80. Slobodan Drvenica, chief analyst at Windsor Brokers Ltd explained that near-term studies regained bullish tone and support the price action for test of pivotal 172.56, 13 Aug high and near Fibonacci 61.8% retracement of 174.17/170.40 descend, break of which is required to confirm near-term base and allow for stronger bounce. “On the other side, negative daily studies see increased risk of lower top formation and subsequent weakness, in case the pair fails to clear 172.56 hurdle, with the wave principles supporting such scenario, as the price rides on the fourth, corrective wave, which should ideally stall well under 172.56 resistance”.

GBP/JPY support and resistance levels

Resistance: 172.56; 172.73; 173.00

Support: 171.78; 171.65; 171.21; 170.67

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