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GBP/JPY - Gains seen above 156.15

FX:GBPJPY   British Pound / Japanese Yen
Pair's break above 156.15 (daily high) would expose 157.07 levels. Such a move appears likely if the UK manufacturing PMI beats estimates.

Irrespective of the day, the move higher could happen if the hourly chart shows a closing above 50-MA, On the other hand, a failure to take out hourly 50-MA would shift risk in favor of a re-test of daily low of 155.29.

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