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Last week, Dovish stance from BOE prevents breaking important Resistance level and hence I expect this pair to struck in a range trading for quite sometime, before taking off. Please find below my analysis on Daily chart,
Just before hitting the previous price action line 188, this pair pulled back strongly by BOE interest rate dovish statement last week. As BOE pointed out that the need for the Interest rate hike may take time and when it happens it will be little, it refers that their economy is struggling a bit. Because their own targets of GDP and CPI are alarmingly going down gradually, hence it validates the dovish stance.
Given the circumstances of uncertainty over GBP economy, GBP is expected to struggle for sometime (may be till the end of this year) before taking off again and breaks the Resistance level 188. Until then, we can expect a range trading between 180 - 188 for GBPJPY pair.
Just before hitting the previous price action line 188, this pair pulled back strongly by BOE interest rate dovish statement last week. As BOE pointed out that the need for the Interest rate hike may take time and when it happens it will be little, it refers that their economy is struggling a bit. Because their own targets of GDP and CPI are alarmingly going down gradually, hence it validates the dovish stance.Given the circumstances of uncertainty over GBP economy, GBP is expected to struggle for sometime (may be till the end of this year) before taking off again and breaks the Resistance level 188. Until then, we can expect a range trading between 180 - 188 for GBPJPY pair.
