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Christopher Lewis
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The British pound has continued to go higher, reaching towards the ¥153 level. At this point in time, the market is likely to continue seeing buyers on pullbacks, and it certainly looks at this point in time as if we are going to try to get towards the ¥155 level. This is an area that has been a significant amount of resistance in the past, therefore it is likely that we will continue to see that area matter yet again. If we can break above there, then we are more than likely going to see this market go looking even higher, perhaps towards the ¥157.50 level.

GBP/JPY Video 30.07.21

To the downside, the ¥152.50 level would be the initial support level, but if we break down below there then it is likely that we could go looking towards the ¥150 level. All things been equal, this is a market that continues to be very noisy, but also it is very sensitive to the overall risk appetite around the world, and therefore it rallies when people are feeling good about the trading environment, and then falls when they are a bit concerned.

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All things been equal, does look like we are trying to pick up the uptrend again, but we still have not necessarily made a “higher high” quite yet as I record this. With this, I think we will continue to see a lot of noisy behavior, so you should be cautious about putting too much money to work right away. The pair does tend to get while the times, but one thing that I would look at is the fact that we have seen multiple green days in a row so we might be getting close to pulling back a bit.

For a look at all of today’s economic events, check out our economic calendar.

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