#GBPJPY @ 168.344 faces a second straight day of losses, trading at 168.33, after BoE raises interest rates by 25 bps. (Pivot Orderbook analysis)

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• GBP/JPY faces a second straight day of losses, trading at 168.33, after BoE raises interest rates by 25 bps.
• The pair finds support at 20-day EMA (168.32) as it remains upward biased despite recent setbacks.
• GBP/JPY could test 170.00 resistance if it stays above 168.30 but may fall below 168.00 if selling pressure persists.

The pair currently trades last at 168.344.

The previous day high was 171.18 while the previous day low was 169.11. The daily 38.2% Fib levels comes at 169.9, expected to provide resistance. Similarly, the daily 61.8% fib level is at 170.39, expected to provide resistance.

GBP/JPY slides for the second straight day after the Bank of England’s (BoE) decision to raise interest rates by 25 bps, opening the door for further tightening. At the same meeting, the BoE updated its economic projections and sounded “hawkish” but failed to underpin the Pound Sterling (GBP). The GBP/JPY exchanges hand at 168.33 as the Asian session begins after posting losses of 0.76% on Thursday.

GBP/JPY remains upward biased, finding support at the 20-day Exponential Moving Average (EMA) at 168.32, which was severally tested during Thursday’s session. The GBP/JPY crossed below April’s 19 daily high, which turned support at 167.97, a level aggressively defended by buyers.

Even though the pair printed two days of losses of 1.50%, the Relative Strength Index (RSI) indicator remains bullish despite its flat slope. At the same time, the 3-day Rate of Change (RoC), depicts the cross as neutral after reaching back-to-back negative readings.

If GBP/JPY stays above 168.30, that could open the door for further upside. The following resistance level would be the December 13 daily high of 169.27, and up next, the 170.00 figure would be up for grabs.

If any GBP/JPY falls below 168.00, then sellers could lean on that level and drag prices toward the December 20 high shifted support at 167.01. Once cleared, GBP/JPY could test the February 28 high, now support level at 166.00.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 168.36 at the time of writing. Pair opened at 169.61 and is trading with a change of -0.74 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 168.33, 50 SMA 165.07, 100 SMA @ 162.63 and 200 SMA @ 163.63.

The previous day high was 171.18 while the previous day low was 169.11. The daily 38.2% Fib levels comes at 169.9, expected to provide resistance. Similarly, the daily 61.8% fib level is at 170.39, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 168.75, 167.89, 166.68
• Pivot resistance is noted at 170.82, 172.04, 172.89

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