FxWirePro- Woodies pivot (Major) 
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FxWirePro: GBP/USD slips as Middle East tensions boost safe-haven dollar 
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The GBP/JPY currency pair holds above the 198 level as the Pound sterling showed a minor pullback. It reached a low of 195.75 and is currently trading around 198.56. The Potential Reversal Zone (PRZ) is set at 200.20, which means traders might expect a price reversal around that level.
Traders expect the Bank of England (BoE) to reduce interest rates by at least two cuts of 25 basis points each in 2025. The current rate is 4.75%, but as inflation pressures ease, cuts are anticipated. Market expectations suggest around 63 basis points in rate reductions, indicating a more careful approach. Goldman Sachs predicts rates could drop to 3.25% by mid-2026. Overall, the BoE is likely to ease rates gradually to support economic growth while keeping inflation in check.
Technical Outlook for GBP/JPY
From a technical point of view, GBP/JPY is trading above both short-term and long-term moving averages, showing an overall upward trend. The immediate resistance level is at 199 and if it breaks above this level, it could rise to around 199.70 or even 200.20. On the downside, support is found at 197.75, with other important levels at 197/196.40/195.70/195, 194.10, and 193.
Trading Strategy Recommendations
Key indicators like the Commodity Channel Index (CCI) and Average Directional Index (ADX) suggest a bullish outlook. Given the current technical and fundamental situation, traders may consider buy on dips around the 198 mark, with a stop-loss set at about 197. The target for this trading strategy could be around 200.20.
