GBP/JPY Technical Analysis: Understanding the Upward Movement After BoE.

Thursday, 19 September 2024, 04:39

GBP/JPY has seen a significant up movement in recent weeks, particularly after the BoE's decision to hold rates steady. This technical analysis explores the implications of this decision on GBP/JPY's trajectory as it pivots upward. Investors should consider market sentiment and technical indicators that influence this currency pair's potential going forward.
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GBP/JPY Technical Analysis: Understanding the Upward Movement After BoE.

GBP/JPY Price Movement Post-BoE Decision

GBP/JPY has pivoted upwards significantly since September 11. Following the Bank of England's (BoE) decision to maintain interest rates, the currency pair has extended its up move, breaking through resistance levels that were tested before.

Key Technical Signals

Analysts are monitoring several technical indicators that suggest potential further strength in GBP/JPY. The following key points are vital in assessing its upward momentum:

  • iMoving averages indicating bullish trends.
  • RSI levels show that the pair is moving out of oversold territory.
  • Key Fibonacci retracement levels have been respected as support.

Market Sentiment

Traders are advised to consider overall market sentiment toward the GBP and JPY as external factors will influence this pair significantly. Key economic data releases will also impact its trajectory.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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