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GBP/JPY has another look above 200 today

The prospect of the UK not lowering rates ahead of the general election in July is now almost a certainty. Even before that event was announced the market had pushed back the timing for any UK rate cut to August and beyond. That has helped to support the pound versus all its major counterparts. The EUR/GBP has dropped back towards 0.8500 and the GBP/USD has held gains above 1.27 since last week. The rebound in the USD/JPY has also helped to push the GBP/JPY back above 200 today. Back at the end of April the GBP/JPY rose to its best levels above 200 in nearly a decade, when it topped out at 200.54. The subsequent fall towards 190 has now almost entirely been recovered. The Pound edged above 200 on Friday, before later closing the week at 199.89. Earlier today it reached an Asian high at 200.14. The question this morning; is can the GBP/JPY now press to fresh decade long highs from here on? Well, that does look like a live prospect, but we shall have to see as the week unfolds. The low seen so far today has been set at 199.61. The GBP/JPY is currently trading at 199.72
 

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