FxWirePro: GBP/JPY trade higher on BOE McCaffrey hawkish statement, good to buy on dips
GBP/JPY is continuing its bullish trend for third consecutive day. The pair made fresh high for the week at 152.16 and showing a minor profit booking. The pair recovered sharply yesterday after hawkish comments by BOE MP…
GBP/JPY is continuing its bullish trend for third consecutive day. The pair made fresh high for the week at 152.16 and showing a minor profit booking. The pair recovered sharply yesterday after hawkish comments by BOE MPC member Ian McCafferty. He said that BOE should not delay hiking interest rate. GBP jumped almost more than 80 pips against USD from yesterday low of 1.31200. Market eyes UK manufacturing production, US CPI and fed minutes meeting data to be released today for further direction. It is currently trading around 152.15.
The major resistance is around 152.20 and any convincing break above targets 152.75/154.
On the lower side, near term support is around 151.10 (hourly Kijun-Sen) and any close below will drag the pair till 150.80/150.50 (200 –H MA)
It is good to buy on dips around 151.55-60 with SL around 150.70 for the TP of 152.75/153.
