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Further downside in USD/JPY allows GBP/USD to grind above 1.25 once more

The anticipated drop below 148.70 in the USD/JPY allowed both the GBP/USD and EUR/USD to advance further, notwithstanding a drop in both the GBP/JPY and the EUR/JPY at the same time. Had those cross rates not fallen back further, then the gains in the EUR/USD and GBP/USD would have been greater. The USD/JPY accelerated once the 148.70 level gave way and that has led the dollar down to 148.20 so far. The resultant move higher in the GBP/USD has just now surpassed the high seen last week, at 1.2506. However, not by very much yet, with the current high set at 1.2510. It was noted here earlier this morning, that further upside in the GBP/USD and the EUR/USD was likely to be dependent on USD/JPY price action. So, you can now see how that has played out so far. The GBP/USD is just now backing off a bit, currently trading at 1.2495
 

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