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FxWirePro- GBPJPY Daily Outlook

GBPJPY showed a minor pullback after BOE monetary policy. It hit a low of 180.40 yesterday and is currently trading around 181.48.

 

 GBPUSD- Trend- Bearish

 

The pound sterling jumped slightly after a little hawkish BOE monetary policy. Bank of England hiked rates by 25 bpbs as expected to 5.25% to tackle inflation. The central bank said it would keep rates higher until UK inflation comes under control.  Any break above 1.2750  confirms further bullishness.

 

USDJPY- Bullish

 

 The pair showed a minor decline ahead of the US Non-farm payroll. The significant resistance is 143.60/145.

 

 GBPJPY analysis-

 

 The near-term support is around 181, a breach below the target of 180/178.80. The immediate resistance is at 182.50, any violation above will take the pair to 183.25/184.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bullish

 

  ADX- Bullish

 

  It is good to stay away.

 

 

 

 

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