GBPJPY is Anticipating Correction and Uptrend Potential
chart by ICM.com
Chartist Trader
6/19/20241 min read
A correction is anticipated for GBPJPY as it currently approaches the resistance level indicated by the chart pattern. The potential target for this correction is the uptrend line, coinciding with the demand area. Upon reaching this zone, an uptrend is expected, aiming towards a new and untested supply area.
UK inflation data will be released today, and analysts are expecting a drop to 1.9%, below the 2% target for the first time since July 2021. With the Bank of England meeting on Thursday, this data will be critical to their evaluation of any interest rate cuts. However, with inflation expected to pick up later in the year, some MPC members may want to keep rates on hold for now, so keep an eye on how the nine votes are split.
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