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FxWirePro: GBPJPY declines after BOE meeting, good to sell on rallies
GBPJPY has halted its 2 days of a winning streak and jumped more than 150 pips from low of 135.38. The pair declined nearly 50 pips till 136.53 after BOE monetary policy meeting. BOE has kept rates unchanged at 0.75% and slashes its second-quarter growth forecast to zero. The pound sterling has lost nearly 45 pips against USD after the BOE meeting. Any major bullishness only above 1.2750.
On the flip side, near term support is around 136.35 and any violation below will drag the pair till 136/135.38. Any bearish continuation only below 135.38.
The near term resistance is around 137.20 and any convincing break above targets 137.75/138.32. The decline from 148.85 will halt at 135.38 unless it breaks above 138.32.
It is good to sell on rallies around 136.75-80 with SL around 137.25 for the TP of 135.50.