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GBP/JPY Mid-Day Outlook


Each day Pivots: (S1) 185.42; (P) 185.87; (R1) 186.75; Extra…

GBP/JPY accelerates to as excessive as 187.91 to date. The break of 186.75 resistance confirms bigger up pattern resumption. Intraday bias stays on the upside for 161.8% projection of 178.02 to 183.79 from 180.74 at 190.07. On the draw back, under 186.24 minor help will flip intraday bias impartial and produce consolidations first, earlier than staging one other rally.

Within the larger image, so long as 178.02 help holds, bigger up pattern from 123.94 (202 low) ought to nonetheless be in progress, subsequent goal is 195.86 (2015 excessive). For now, outlook will keep bullish so long as 178.02 help holds, in case of deep pullback.

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