GBPJPY lost its shine after the dovish rate pause by the BOE. The intraday trend is bearish as long as resistane 214.20 holds. As of publishing, it is trading around 212.96; its intraday low is 212.92.
In a near 5-4 MPC vote as detailed in the February 2026 Monetary Policy Report issued at 12 pm GMT, the Bank of England held its key interest rate at 3.75% today, pausing further easing amid persistent inflationary pressures and economic slowing. Though CPI is expected to reach the 2% target by mid-year because of declining oil prices and government policies, projections were lowered with 2026 GDP growth at 0.9% (down from 1.2%) and unemployment reaching 5.3%. Emphasizing data dependency in light of worldwide hazards, Governor Bailey signaled construction evidence for upcoming rate reductions—probably in Q2 like April—reflecting a cautious approach following the cut in December.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 212.92
EMA ( 60-min chart)
55-EMA- 213.64
200-EMA- 212.69
365-EMA- 212.31. The pair trades below the short (55- EMA) and above long-term moving average (200 and 365 EMA).
Major Support- 212.85. Any breach below will drag the pair down to 212.30/211.75/211/209.70/208.50/208 .
Major resistance - 213.40. Any break above 213.40 confirms minor bullishness; a jump to 214.20/215 is possible.
Indicator (60-min chart)
CCI (50)- Bearish
Average directional movement Index- Bearish. All indicators confirm a bearish trend.
It is good to sell on rallies around 213.48-50 with SL around 214.50 for a TP of 211.29.
