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GBP/JPY got a rejection at 179.25; back to 178.60

FXStreet (San Francisco) - The Sterling found selling interest at 179.25 against the Japanese Yen and currently the GBP/JPY is trading back below 179.00 to price as low as 178.60.

Earlier in the day, the GBP/JPY rose 150 pips from 177.70 to peak at the highest level since January 28 at 179.25. Currently, GBP/JPY is trading at 178.67, up 0.25% on the day, having posted a daily high at 179.30 and low at 177.72.

GBP/JPY spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.

GBP/JPY levels

If the pair extends rejection below 178.60, it will find next supports at 178.00 and 177.70. To the upside, resistances are at 179.25, 179.40 and 179.60.

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