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GBP/JPY backs away from new 2023 closing high

On Friday morning an update here on the Quick News highlighted the potential for more upside in the Pound versus the Japanese Yen. Well, by the close that evening, the GBP/JPY had not only surpassed the previous 2023 high (188.28), but also set a weekly close above that level too, at 188.33. Prior to that, earlier in the day, the Pound had reached a new 2023 high at 188.66. That was the highest weekly close for the GBP/JPY since August 2015. The reader is also again reminded of the high set back in 2015, at 195.88. That seems ever closer, to coming on the radar now. Overnight the GBP/JPY has backed off and that is entirely due to a relapse in the USD/JPY, which fell below 149 earlier. The range in the GBP/JPY so far today has been covered by 187.60 to 188.52. It is just now trading at 188.07
 

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