GBPJPY Chart Technical Outlook waits for the BoE decision today
GBPJPY’s broad bias is bullish. It corrects the recent rally, looking for ABC corrective pattern with the final downward leg in play.
The BoE is expected to hike 25 bps today, while markets price for more than that, especially after yesterday’s hot inflation data. A 25 bps hike is priced, and GBP might decline to complete the corrective pattern, while a 50 bps hike will push it higher.
Resistances: 181.60, 182.30
Supports: 179.90, 179.15