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GBP/USD rebounds into Fibonacci resistance as USD/JPY pushes higher

GBP/USD rallies into Fibonacci resistance, while USD/JPY looks set for further upside as traders overlook near-term Omicron risks.

​GBP/USD pauses after surge into 76.4% resistance

GBP/USD has been on the rise of late, with the pair having pushed sharply higher over the course of this week. The push into 76.4% Fibonacci resistance is key here, with the price pausing at that key $1.34 level.

The ability to break up through this level would be key in building the confidence of further upside to come. Ultimately a break up through $1.3513 would bring expectations of a wider rebound for this play. Until we break either of those levels, there is a risk of a pullback given the ongoing trend of lower highs.

USD/JPY continues to gain ground

USD/JPY has been on the rise of late, with the price pushing up into a four-week high overnight.

That bullish momentum is expected to persist as we move forward, with expectations of tighter monetary policy at the Fed building support for the dollar. A break below the $114.07 level would bring about expectations of a wider pullback. Until then, this recent bullish trajectory looks set to persist.


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