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GBP/JPY snaps 6-day winning streak after BOE event

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - Sterling was offered across the board after the BOE took a surprisingly dovish stance, pushing the GBP/JPY pair lower for the first time in seven days.

    Drops below hourly 100-MA

    The cross now trades below its hourly 100-MA located at 186.45. The Bank of England vote count remained unchanged at 8-1, while it lowered its GDP and CPI forecasts lowered and also expressed concern regarding the strength in sterling. Carney delivered a major blow by expressing a willingness to cut rates and extend QE if downside risks materialize.

    The pair is now trading around 186.30 after having hit a low of 186.00.

    GBP/JPY Technical Levels

    The immediate resistance is seen at 186.45 (hourly 100-MA) and 186.84 (hourly 50-MA), above which the pair could test 187.69 (daily high). On the downside, support is seen at 185.79 (200-DMA), under which the pair could drop to 184.32 (50% of 180.36-188.28).
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