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- GBP/JPY Technical Strategy: Flat
- Support: 179.94, 178.74, 177.26
- Resistance: 181.14, 182.62, 185.01
The British Pound launched sharply higher following a hawkish set of April BOE meeting minutes, as expected. Near-term resistance is at 181.14, the 61.8% Fibonacci retracement, with a break above that on a daily closing basis exposing the 76.4% level at 182.62. Alternatively, a turn below the 50% Fib at 179.94 clears the way for a challenge of the 23.6% retracement at 177.26.
The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com