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. For more information, read our latest forex news.