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GBP/JPY recovery limited by 186.50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - GBP/JPY is about to end the day unchanged as it hovers above 186.00. The pair rose to test yesterday’s highs but it failed to break higher.

    GBP/JPY: Short term range

    The pair continues to hold bullish momentum despite last week decline. A dovish tone from the Bank of England and weak economic data from the United Kingdom pushed the pair sharply to the downside: it was trading at 7-week highs above 187.50 and finished slightly above 185.00.

    On Monday it recovered ground but the rally was capped around 186.50. The mentioned area also offered resistance today. Since Monday’s European session the pair is moving within a modest trading range with support at 185.90 and resistance at 186.50.

    A consolidation on top of 186.50 could open the doors from more gains while to the downside, a close significantly below 185.40 (uptrend line) could weaken the pound.
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