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FxWirePro- GBPJPY Daily Outlook

GBPJPY shows a minor pullback after a massive sell-off.  The pound sterling halted its bearish trend and recovered more than 5% after the BOE announcement.  The central bank announced bond buying of up to 5 bln pounds and UK 30-year gilts dropped more than 100 bpbs. Markets eye UK GDP data tomorrow for further direction. Technically in the 4-hour chart, holds below short-term 21-EMA, above 21 EMA, and long-term 200 EMA (161.95). Any convincing break above 157.50 will take the pair to the next level 159/160. GBPJPY hits an intraday high of 156.50 and is currently trading around 156.03.
 
 The near-term support is around 156.50, a breach below targets 155.60/155/153.95.
 
 Indicators (Daily chart)
 
CCI (50) – Bearish
 
ADX-  Bearish
 
It is good to sell on rallies around 156.55-60 with SL around 157.55 for TP of 150.

        

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