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4 Feb 2015
GBP may see a recovery – Varengold
FXStreet (Barcelona) - The Varengold Bank Research Team views that the strong support at 176.10 for GBP/JPY may lead to a recovery in GBP.
Key Quotes
“After the GBP was able to appreciate versus the JPY in the beginning of September, the currency pair returned to its low which it already has reached in spring. At this level the bulls took control over the pair and we saw a sharp appreciation of the GBP versus the JPY.”
“At the moment the pair is traded between the resistance of 189.60 and the support of 176.10 and according the indicators we may see a recovery of the GBP in the near future since the first support level appears to be strong enough.”
“Support Levels around - 176.10, 171.96, 170.71”
“Resistance Levels around - 189.60”
Key Quotes
“After the GBP was able to appreciate versus the JPY in the beginning of September, the currency pair returned to its low which it already has reached in spring. At this level the bulls took control over the pair and we saw a sharp appreciation of the GBP versus the JPY.”
“At the moment the pair is traded between the resistance of 189.60 and the support of 176.10 and according the indicators we may see a recovery of the GBP in the near future since the first support level appears to be strong enough.”
“Support Levels around - 176.10, 171.96, 170.71”
“Resistance Levels around - 189.60”