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Adjacent-frequency interference is a critical problem in point-to-point (PTP) frequency division duplex (FDD) wireless backhaul networks. It prevents existing methods from adaptively allocating frequencies to the PTP links, reducing spectrum utilization. We propose a new algorithm which mitigates the interference and enables the frequencies to be allocated adapting to changing traffic demands. Our algorithm is developed on a new recursive guard band adjusting technique. Simulations show that our algorithm is able to improve spectrum utilization by 33%, compared to the prior art, and enhance the network satisfaction regarding allocated bandwidth by over 173%.