GBP/JPY declines below 161.00

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Source: Dukascopy Bank SA


On Thursday, the GBP/JPY currency pair declined. The decline started after a failed approaching of the resistance of the 100-hour simple moving average and the 164.00 mark. By the middle of Thursday's trading, the pair had declined and shortly reached below the 161.00 mark.

In the meantime, the markets were expecting the Bank of England rate hike at 12:00 GMT.

In the case of the pair surging, note the resistance spread out from 162.40 up to the 164.00 mark. These levels have to be broken, prior to reaching the 165.00 level and the technical resistance above it.

On the other hand, a potential decline is set to look for support in the 160.00 level and the weekly S2 simple pivot point at 159.87.
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