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Now the pair is trading slightly below the lower trend-line of the pattern as the 50-hour SMA at 170.71 is preventing the currency couple from coming back to the tunnel. However, GBP/JPY is likely to prove that the breakout was false by re-entering the channel in the foreseeable future. Although technical indicators are strongly bearish in the short-term, they point to a possible advance in medium and long terms.
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