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GBPJPY shows a minor pullback after a massive sell-off. The pound sterling halted its bearish trend and recovered more than 5% after the BOE announcement. The central bank announced bond buying of up to 5 bln pounds and UK 30-year gilts dropped more than 100 bpbs. Markets eye UK GDP data tomorrow for further direction. Technically in the 4-hour chart, holds below short-term 21-EMA, above 21 EMA, and long-term 200 EMA (161.95). Any convincing break above 157.50 will take the pair to the next level 159/160. GBPJPY hits an intraday high of 156.50 and is currently trading around 156.03.
The near-term support is around 156.50, a breach below targets 155.60/155/153.95.
Indicators (Daily chart)
CCI (50) – Bearish
ADX- Bearish
It is good to sell on rallies around 156.55-60 with SL around 157.55 for TP of 150.
