GBP/JPY Price Analysis: 152.30 challenges recovery ahead of BOE

GBP/JPY takes the bids around 152.12, up 0.05% intraday, as markets in Tokyo open for Thursday. In doing so, the cross-currency pair carries Tuesday’s  |  05/08/2021 01:11
  • GBP/JPY refreshes intraday high during a three-day uptrend.
  • A convergence of 10-DMA, weekly resistance line guards immediate upside.
  • Bullish candlestick, upbeat MACD keeps buyers directed towards 50-DMA.

GBP/JPY takes the bids around 152.12, up 0.05% intraday, as markets in Tokyo open for Thursday. In doing so, the cross-currency pair carries Tuesday’s reversal from a two-week low on Tuesday after portraying a bullish Doji candlestick.

The recovery moves gain support from bullish MACD to keep the pair buyers hopeful on the key “Super Thursday”.

Read: Bank of England Preview: Five reasons the doves are set to win Super Thursday, GBP/USD may dip

It’s worth noting that the quote needs to cross the 152.30 hurdle, comprising 10-DMA and a descending trend line from July 29, to confirm further upside.

Following that, the 50-DMA and a downward sloping resistance line from May 28, respectively around 153.30 and 153.70, will be in focus.

Meanwhile, failures to cross 152.30 could recall the 152.00 threshold to the chart but sellers will remain cautious before witnessing a fresh low of the low, currently around 151.17.

In a case where the GBP/JPY prices stay pressured below 151.17, the early July low near 150.65 and the 150.00 psychological magnet may lure the pair bears ahead of the last month’s bottom close to 148.45.

GBP/JPY: Daily chart

Trend: Further recovery expected

 

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