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GBP/JPY recovers losses despite dovish BOE minutes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/JPY cross recovered losses to trade largely unchanged on the day around 169.70 even though the BOE minutes released today carried a dovish tone.

    Eyes hourly 50-MA

    The cross is now eyeing the hourly 50-MA located at 170.03 levels. The BOE minutes released showed the policymakers believe a weak Sterling would lessen drag on CPI to some degree. The policymakers also see weaker inflation.

    However, the oversold GBP recovered after minutes showed the policymakers remain in favour of a gradual rate rise.

    GBP/JPY Technical Levels

    The immediate resistance is located at 170.03 (hourly 50-MA), above which the cross could target 170.45 (hourly 100-MA). On the other hand, a break below 169.50 (previous day’s low) would expose the daily low of 168.83.
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