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In this paper compressed sensing (CS) techniques are employed to develop reduced sampling rate strategies for channel estimation and data detection in impulse radio ultrawideband (IR-UWB) systems. In particular, first channel estimation algorithms based on Matching Pursuit (MP) and Basis Pursuit Denoising (BPDN) techniques are proposed. Then, it is shown how the channel estimates generated by these algorithms can be used in correlation-based CS detectors. Finally, the performance loss originating from CS is assessed analytically in a transmitted reference (TR) system.