Source: PaxForex Premium Analytics Portal, Technical Insight

The GBP/JPY pair sensed a decent buying interest after dropping near the round-level resistance of 160.00. The cross is attempting to extend its recovery meaningfully above 160.50 amid rising expectations for the continuation of bulky interest rate hikes by the Bank of England (BoE) ahead.

GBP/JPY,D1

Pivot: 160.26

Analysis:

As long as the price is above 158.50 follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 160.26
• Take profit 1: 162.35
• Take Profit 2: 165.00

Alternative scenario:

If the level of 158.50 is broken-down, follow the recommendations below: 

• Time frame: D1
• Recommendation: short position
• Entry point: 158.50
• Take profit 1: 155.00
• Take profit 2: 152.50

Comment:

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

Key levels: