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GBP: Strong Close for GBP/JPY Today Would Mark Bullish Range Breakout

GBP
  • Solid UK retail sales data and persistent JPY underperformance has tipped GBP/JPY to briefly show above the late September highs and touch the best levels since end-July this morning.
  • Further strength here would mark a bullish break and a range breakout for the cross - particularly notable given the more dovish backdrop for BoE OIS pricing since the inflation print this week.
  • A break and close above 195.97 would mark a bullish weekly close, opening 197.42 initially ahead of 199.47 resistance further out.
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  • Solid UK retail sales data and persistent JPY underperformance has tipped GBP/JPY to briefly show above the late September highs and touch the best levels since end-July this morning.
  • Further strength here would mark a bullish break and a range breakout for the cross - particularly notable given the more dovish backdrop for BoE OIS pricing since the inflation print this week.
  • A break and close above 195.97 would mark a bullish weekly close, opening 197.42 initially ahead of 199.47 resistance further out.