GBPJPY Short

As expected, the Bank of England kept policy unchanged at the February Inflation Report meeting, leaving Bank Rate at 0.50% – a decision supported by all of the members of the Monetary Policy Committee (MPC). The economic projections were also broadly in line with our view, with GDP growth nudged up modestly over the forecast horizon, while expectations for inflation at the end of the 2yr and 3yr forecast horizon were little changed and continue to signal an overshoot of the inflation target, similar to the view implicit in the economic projections contained in the November Inflation Report. However, the Bank of England delivered a more-hawkish conclusion by suggesting that “monetary policy would need to be tightened somewhat earlier and by a somewhat greater degree over the forecast period”.

Strengthening in the Yen as a safe haven has driven pair lower.

Technical structure support bearish drive.

Trade closed: target reached

Closed 1/3 of position.

Trade closed: target reached

Closed 2/3 of position moving stop to breakeven

Trade closed: target reached

All Targets hit

itispossible

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

itispossible