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The GBP/JPY pair registered a strong upward movement after reaching today's low of 181.12 and now is located at 182.35 level at the time of writing. As you can see on the H1 chart, the rate failed to stabilize below the 181.10 former low signaling exhausted sellers.
Now, it has jumped far above the downtrend line and above the former high of 182.20 indicating a potential reversal. Technically, these represented upside obstacles, so breaking above announced that the downside movement could be over.
Staying and stabilizing above the broken downtrend line and above 182.20 may announce further growth. The breakout could represent a buying opportunity.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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