The British pound is starting to consolidate against the Japanese yen, ahead of today’s key Bank of England policy decision. Bullish higher low candles are forming on the four-hour time frame is a warning that the future price path for the GBPJPY is still to the upside. Traders may look to buy into any price dips towards the 151.50 price area in expectation of further medium-term upside.
The GBPJPY pair is only bullish while trading above the 151.50 level, key resistance is found at the 152.50 and the 153.30 levels.
If the GBPJPY pair trades below the 151.50, sellers may test the 151.30 and 151.00 support levels.
