GBP is the worst performing major currency today. Taking a look at GBPJPY currency pair, we can see that the pair is continuing a pullback launched after a failed attempt of breaking above the resistance at 144.00. Should declines continue, the first support to watch can be found at 142.30 - 23.6% retracement of a recent upward impulse and a peak from early-September 2020. Key support is marked with the lower limit of the Overbalance structure and 50% retracement at 140.50. The pair may become more volatile near 1:00 pm GMT as the Bank of England will announce the monetary policy decision. No change to the level of rates is expected but central bankers may present findings of a study on negative interest rates in the United Kingdom.
Source: xStation5
