Source: PaxForex Premium Analytics Portal, Technical Insight

UOB Group analysts write ahead of the Bank of England's monetary policy meeting scheduled for this week that the regulator's first rate hike should not be expected until 2023.

GBP/JPY,D1

Pivot: 149.13

Analysis:

As long as price is below 152.14 follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 149.13
• Take profit 1: 148.35
• Take Profit 2: 146.33

Alternative scenario:

If the level of 152.14 is broken-out, follow the recommendations below:    

• Time frame: D1
• Recommendation: long position
• Entry point: 152.14
• Take profit 1: 154.69
• Take profit 2: 156.21

Comment:

RSI indicates the potential for downtrend in the medium term.

Key levels: