There hasn’t been a lot of volatility on GBP/JPY lately but with the United Kingdom’s preliminary GDP report due today, we could see some action on the currency pair! On the daily time frame, we see that it is about to test support on the rising trend line and 200 SMA. If the report turns out positive, GBP/JPY could bounce off the 173.00 handle. However, if it doesn’t, we could see a big break that may send GBP/JPY down to May 2014 lows around 170.00.
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