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GBP/JPY Surges Post-BoE Cut: Bullish Momentum Eyes 210 as Support Holds at 207.80

GBPJPY gained sharply after the BOE rate cut. Intraday trend is bullish as long as support  207.80 holds. At the time of writing, it reached a high of 208.75 and is now trading about 208.73.

Oscillators and moving averages to forecast the trend of GBPJPY

 

CMP- 208.71

 

EMA (1-hour chart)

 

55-EMA- 207.96

 

200-EMA- 207.74


365-EMA- 207.21. The pair trades above short (55- EMA) and above long-term moving average(365 EMA and below 200 EMA).

 

Major Support- 207.80. Any breach below will drag the pair down 207.20/206.75/206.47/205.40/205.

 

Major resistance - 209.  Any break above confirms minor bullishness; a jump to 210/210.58/212 is possible.

Indicator (1-hour chart)

 CCI (50)-  bullish

Average directional movement Index-  Bullish. All indicators confirm a bullish trend.

 

It is good to buy on dips around 208.48-50 with SL around 207.80 for a TP of 210/211.

 

 

 

 

 

 

 

 

 

 

 

 

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