The GBPJPY pair extended upwards towards 184.35, testing the additional barrier that appears on the chart, followed by bouncing negatively towards 182.90. Note that the continuous fluctuation below the mentioned barrier will increase the chances of activating the correctional bearish track for the near-term and medium-term period, to force it to suffer many losses that might start at 181.80, while facing new positive pressures and rallying above the current barrier will open the way to resume the bullish attack, to expect targeting 184.90 level initially, followed by attacking 185.40 resistance line.
📊QUICK FUNDAMENTAL LOOK
Sterling rose in European trade on Tuesday against a basket of major rivals, maintaining gains for the second straight session against the dollar despite slowing UK wage growth in October. Bank of England will welcome such a slowdown as it indicates the economy is braking down with inflation likely to subside, but interest rates are still expected to remain high and tight throughout most of 2024.
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