GBPJPY pared some of its gains after the BOE monetary policy. It hit a high of 183.70 yesterday and is currently trading at around 183.40.
GBPUSD- Trend- Bearish
The pound sterling trades flat despite a hawkish rate pause. The central bank has kept its rates unchanged at 5.25%. The BOE's members divided 6-3, with Megan Greene, Jonathan Haskel, and Catherine Mann opting for a 25 basis points increase. The central bank lowered inflation from 0.90% to 0.60% in Q4 2023. Any close above 1.2200 confirms further bullishness.
USDJPY- Bullish
The pair trades in a narrow range ahead of the US Nonfarm payroll. The significant resistance is 152/153.
GBPJPY analysis-
The near-term resistance is around 184.50, a breach above targets 185/186. The immediate support is at 182.80, any violation below will drag the pair to 182/181.40/180.70.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- Neutral
It is good to buy at dips around 183 with SL around 182.40 for the TP of 185.
