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On Thursday, at 11:00 GMT, the Bank of England crashed the value of the Pound by revealing that the bank expects an incoming recession and inflation above 10.00%. The GBP/JPY plummeted down from the 163.00 level to 160.33.
Since the event, the GBP had recovered and revealed a resistance zone at 161.50/161.60 and support at 160.30/160.40. At mid-day on Friday, the currency pair was located near the 161.00 level.
A potential decline of the currency rate would look for support in the 160.30/160.40 zone, before approaching the weekly S1 simple pivot point at 160.10 and the 160.00 mark. On the other hand, a surge of the Pound against the Yen is set to face the resistance of the 161.50/161.60 zone, prior to reaching the 162.00 mark. In the meantime, take into account the 50, 100 and 200-hour simple moving averages at 161.80 and 162.20.
Fri, 06 May 2022 12:31:43 GMT
Source: Dukascopy Bank SA
On Thursday, at 11:00 GMT, the Bank of England crashed the value of the Pound by revealing that the bank expects an incoming recession and inflation above 10.00%. The GBP/JPY plummeted down from the 163.00 level to 160.33.
Since the event, the GBP had recovered and revealed a resistance zone at 161.50/161.60 and support at 160.30/160.40. At mid-day on Friday, the currency pair was located near the 161.00 level.
A potential decline of the currency rate would look for support in the 160.30/160.40 zone, before approaching the weekly S1 simple pivot point at 160.10 and the 160.00 mark. On the other hand, a surge of the Pound against the Yen is set to face the resistance of the 161.50/161.60 zone, prior to reaching the 162.00 mark. In the meantime, take into account the 50, 100 and 200-hour simple moving averages at 161.80 and 162.20.