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15 Jun 2017

GBP/JPY surges through 140.00 handle post BOE

The GBP/JPY cross reversed all of its disappointing UK retail sales data-led drop to session low and surged through the key 140.00 psychological mark post BoE announcement.

Spot caught fresh bids after the BOE’s MPC, as was widely expected, left policy unchanged at its June meeting. The positive surprise came from the minutes that showed 5-3 votes to keep interest rates on hold, which clearly reflected reduced tolerance for above target inflation and triggered a sharp short-covering spike across GBP cross. 

It, however, remains to be seen if the cross continues to hold above the 139.00 handle in wake of the latest economic and political developments, which might continue to weigh on the British Pound and restrict any immediate sharp up-move.

Technical outlook

Omkar Godbole, Analyst and Editor at FXStreet writes: "The trend line support stands at 138.75. Hawkish comments from the BOE could yield a break above 140.90 (weekly high), in which case the resistance at 142.81 (Feb high) could be put to test. On the downside, an end of the weekly close below the trend line would add credence to the bearish RSI and signal continuation of the sell-off from the high of 148.11 (May high). A strong support is seen at 136.45 (Jan low) and 135.59 (Apr low)."

"The sell-off came to a halt around the 200-DMA support on June 12. The positive action on June 13 confirmed a bullish MACD divergence. Thus, doors are open for re-test of 100-DMA of 141.26. The bullish divergence on the daily chart adds credence to the potential for a strong rebound from the trend line support seen on the weekly chart" he further added.

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