GBPJPY gained sharply yesterday on the strong Pound sterling. It has pared some of its gains made in the Asian session on upbeat UK CPI data. The annualized inflation rose by 9.4% in June compared to a forecast of 9.3%. Any break below 1.1980 confirms further bearishness. Technically in the 4-hour chart, the pair is holding above short-term 21-EMA, 55 EMA, and long-term 200 EMA (163.72). Any breach below 165.50 will drag the pair down to take to the next level to 165/164.70/163.97. GBPJPY hits an intraday low of 165.66 and is currently trading around 165.96.
The near-term resistance is around 166.25, any breach above targets 167/168.
Indicators (4-hour chart)
CCI (50) - Bullish
ADX- Bullish
It is good to sell on rallies around 166.10-15 with SL around 167 for TP of 163.


FxWirePro: GBP/AUD under pressure as pound continues to weaken
AUDJPY Extends Four-Day Rally on Yen Weakness: Bullish Dip-Buy Eyes 117-118
BTC, ETH, SOL, XRP, and BNB: Major Crypto Pairs Stay Neutral
FxWirePro: AUD/USD uptrend loses steam, remains on bearish path
Major Pair Action Bias: Bullish Pairs to Watch Out For
FxWirePro: USD/CAD positions for another climb, eyes 1.4150 level
AUDJPY Action Bias: Bullish Dip-Buy Setup Despite Flat Neutral Bias
FxWirePro :USD/JPY eases slightly, remains on bullish path
FxWirePro: GBP/NZD downside pressure builds, key support levels in focus
FxWirePro: USD/ZAR retreats slightly but bias is bullish
FxWirePro- Major Pair levels and bias summary
JPY Action Bias: Bullish Pairs to Watch Out For
JPY Action Bias: USDJPY, EURJPY, and CADJPY Emerge as Top Extremely Bullish Picks
NZDJPY Bullish Dip-Buy Setup: 93.60 Support Unlocks Path to 97
FxWirePro: NZD/USD gains as U.S.-Iran peace hopes boost risk sentiment
FxWirePro: EUR/NZD firms after ECB holds rates steady at 2.25% 



