Source: PaxForex Premium Analytics Portal, Technical Insight

The GBP/JPY pair has gradually inched back to near the 162.00 resistance in the early European session. The cross is likely to possess an upside bias ahead of the monetary policy announcement by the Bank of England (BoE).

GBP/JPY,D1

Pivot: 162.47

Analysis:

As long as the price is above 162.00 follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 162.47
• Take profit 1: 165.00
• Take Profit 2: 169.00

Alternative scenario:

If the level of 162.00 is broken-down, follow the recommendations below: 

• Time frame: D1
• Recommendation: short position
• Entry point: 162.00
• Take profit 1: 159.00
• Take profit 2: 157.00

Comment:

RSI indicates the potential for an uptrend in the medium term.

Key levels: