18 Jun 2014
GBP/JPY is growing in hopes for hawkish BOE minutes
FXStreet (Moscow) - GBP/JPY is trying to develop the upside movement as the cross opened at 173.20 and climber to 173.34 in Asia
How many hawks are out there?
GBP/JPY has been consolidating since its spectacular rise on Friday on the back of unexpectedly hawkish Carney’s comments. Well, today the cross mightt have another chance to show itself to the best advantage as markets are waiting for the Bank of England minutes to be published later, during European hours. The Bank left everything unchanged and the meeting itself was a complete non-event. But the devil is in the detail and if the minutes reveal more hawkish stance of some members, GBP might sky-rocket to new highs across the board. In case of GBP/JPY, 174.00 will serve as an initial resistance.
What price levels and patterns have to be considered?
Current price is 173.37, with resistance ahead at 173.43 (Daily High), 173.48 (Yesterday's High), 173.54 (Daily Classic R1), 173.83 (Daily Classic R2) and 174.02 (Weekly Classic R1).
Next support to the downside can be found at 173.30 (Daily Open), 173.26 (Monthly High), 173.26 (Weekly High), 173.23 (Hourly 20 EMA) and 173.20 (Daily Low).
How many hawks are out there?
GBP/JPY has been consolidating since its spectacular rise on Friday on the back of unexpectedly hawkish Carney’s comments. Well, today the cross mightt have another chance to show itself to the best advantage as markets are waiting for the Bank of England minutes to be published later, during European hours. The Bank left everything unchanged and the meeting itself was a complete non-event. But the devil is in the detail and if the minutes reveal more hawkish stance of some members, GBP might sky-rocket to new highs across the board. In case of GBP/JPY, 174.00 will serve as an initial resistance.
What price levels and patterns have to be considered?
Current price is 173.37, with resistance ahead at 173.43 (Daily High), 173.48 (Yesterday's High), 173.54 (Daily Classic R1), 173.83 (Daily Classic R2) and 174.02 (Weekly Classic R1).
Next support to the downside can be found at 173.30 (Daily Open), 173.26 (Monthly High), 173.26 (Weekly High), 173.23 (Hourly 20 EMA) and 173.20 (Daily Low).