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GBPJPY pared most of its gains made on Monday. The pound sterling declined sharply ahead of the first estimate of the UK GDP data. Bank of England hiked rates by 75 bpbs the previous Thursday with a dovish stance. The central has warned of a recession at end of this year and planning to go for smaller rate hikes in near future despite high inflation. Any violation below 1.1300 confirms further bearishness; a dip to 1.1500 is possible. Technically in the 4-hour chart, GBPJPY holds above short-term 21-EMA, 55- EMA, and above long-term 200 EMA (166.36). Any convincing close below 165 will drag the pair to the next level 163.80/163. GBPJPY hits an intraday low of 168.42 and is currently trading around 166.47.
The near-term resistance is around 167, a breach above targets 168/169.10/170/172.
Indicators (4-hour chart)
CCI (50) – Bearish
ADX- Neutral
It is good to sell on rallies around 169 with SL around 170 for a TP of 163.95.
