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The British pound has rallied significantly from the 1.2350 level, showing signs of life again on Tuesday.
The British pound has been all over the place against the Japanese yen as the Bank of Japan calls for an emergency meeting.
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The British pound initially tried to rally during the trading session on Monday, but as it was Memorial Day, liquidity was an issue.
The British pound pulled back on Monday as the market had gotten too far ahead. At this point, the market is likely to pull back toward the ¥172.50 level, where I would expect buyers to return.
Consumers who can least afford to pay over the odds more likely to be hit with a penalty of £302 on average.
The British pound fell rather hard during the course of the trading week to reach the 1.2350 level, where buyers have stepped in to pick up the market.
The British pound has rallied a bit during the trading session on Friday, as we have broken above the 1.2350 level and tested the 50-Day EMA.
The British pound shoot straight up in the air during the week, showing signs of breaking above the ¥173 level.
The British pound initially pulled back just a bit during the trading session against the yen on Friday but turned around to show signs of strength yet again.
The UK might be headed towards a recession as stubborn core inflation could see the Bank of England increase interest rates to a peak of 5.5%.
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The British pound has gone back and forth during the trading session on Thursday as we continue to see a lot of noise in the Forex markets.