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GBP/JPY back above hourly 200-MA, awaits BOE QIR presser

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/JPY cross quickly fell to 171.09 levels following BOE rate decision and minutes release before recovering back above its hourly 200-MA of 171.28 levels.

    Trades around 171.30

    The pair remains weak on the day around 171.30 levels. Sterling traders await Carney’s comments on the next move in the interest rate. The shift in the vote count from 8-1 to 9-0 and the downward revision of the GDP and inflation forecasts was largely expected, hence pound managed to take back losses.

    However, Carney’s hint at a rate cut could hurt the GBP bulls. Later in the day, the overall demand for the safe haven Yen could influence the pair as well.

    GBP/JPY Technical Levels

    The immediate support is seen at 171.28 (hourly 200-MA), which is followed by a major support at 171.00. If taken out, the cross could drop to 170.00 levels. On the other side, 172.00 levels could act as resistance, ahead of the hourly 50-MA at 172.49. A break higher would expose 173.00 handle.
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