12 Feb 2015
BOE’s inflation report helps GBP/JPY rise above 183.00 levels
FXStreet (Mumbai) - The Bank of England’s (BOE) Quarterly inflation Report (QIR) helped the GBP/JPY recover post BOJ losses to trade at 183.00 levels.
Pound supported by an upbeat GDP forecast
The British Pound gained strength after the BOE revised its 2016 GDP forecast higher to 2.9%, while the 2017 GDP forecast was also pushed higher to 2.7%. Meanwhile, the bank now sees CPI in 2015 at 0.4%, down from the previous forecast of 1.4%. However, Governor Carney did state that falling inflation due to weak energy prices is a net positive for the UK economy.
An upbeat QIR helped the GBP/JPY pair recover losses triggered earlier today by the Bank of Japan as it stated further monetary easing as counterproductive.
GBP/JPY Technical Levels
The pair currently trades at 183.20, still down 0.16% for the day. The immediate resistance is seen at 183.94 and 184.64 levels. Meanwhile, support is seen at 182.57 (hourly 50-SMA) and 181.65 (hourly 100-SMA) levels.
Pound supported by an upbeat GDP forecast
The British Pound gained strength after the BOE revised its 2016 GDP forecast higher to 2.9%, while the 2017 GDP forecast was also pushed higher to 2.7%. Meanwhile, the bank now sees CPI in 2015 at 0.4%, down from the previous forecast of 1.4%. However, Governor Carney did state that falling inflation due to weak energy prices is a net positive for the UK economy.
An upbeat QIR helped the GBP/JPY pair recover losses triggered earlier today by the Bank of Japan as it stated further monetary easing as counterproductive.
GBP/JPY Technical Levels
The pair currently trades at 183.20, still down 0.16% for the day. The immediate resistance is seen at 183.94 and 184.64 levels. Meanwhile, support is seen at 182.57 (hourly 50-SMA) and 181.65 (hourly 100-SMA) levels.