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GBP/JPY: A Buying Opportunity Ahead Of BoE Decision

Published 02/02/2022, 11:16 PM
Updated 09/05/2024, 01:09 AM
GBP/USD
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GBP/JPY
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Overall, GBP/JPY is trending downwards. Recently, GBP/JPY broke above the critical level of 155.

The Bank of England (BoE) will be announcing their monetary policy decision later. It is expected that the BoE will be increasing the interest rate by 0.25%.

Pay attention to whether the central bank is still planning to carry out more rate hikes soon.

Also, with the central bank’s asset purchase program coming to an end soon, pay attention to any information that the BoE has once QE ends.

A press conference will be held later. During this time, expect volatility in GBP.

Currently, GBP/JPY is trading down towards the key level of 155. Its next support zone is 153.800, and the next resistance zone is 156.000.

Look for short-term buying opportunities of GBP/JPY if it bounces up from the key level of 155.

GBP/JPY 4-hour chart technical analysis.

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