GBP/JPY Price Analysis: Aims to shift auction above 162.00 ahead of BoE policy GBPJPY BOE ChartPatterns SupportResistance Inflation
ahead of the monetary policy announcement by the Bank of England . Thursday’s BoE policy is likely to be concluded with a 25 basis point rate hike despite fears of a banking fiasco and a dismalBut before that, the United Kingdom inflation data will remain in focus. The street is anticipating a decline in the annual headline Consumer Price Index to 9.8% from the former release of 10.1%. While the core CPI that excludes oil and food prices would remain steady at 5.8%.
GBP/JPY is aiming to deliver a breakout of the Inverted Head and Shoulder chart pattern formed on an hourly scale. The neckline of the Inverted H&S chart pattern is plotted from March 17 high at 162.19. A breakout of the aforementioned chart pattern will result in wider ticks and heavy volume towards the north.
Meanwhile, the Relative Strength Index is struggling to shift into the bullish range of 60.00-80.00. An occurrence of the same would activate the bullish momentum.
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