FXstreet.com (Barcelona) - The Sterling has continued with its recovery against the Yen from 139.70 level (double bottom Sept 28 and Oct 7) during today's session with the pair rising 0.25% so far today from opening price action at 141.36 to the current 1.4170/80. Pair is holding MA55 in hourly chart level at 141.40 as support.
In the upside, pair could find resistance at 141.80, today's high, 142.00 (yesterday's high)
The RANsquawk Research Team comments about today's clue BoE decision rate: If as expected the BOE holds tight on both QE and interest rates then the market reaction will be minimal. However, if they signal an extension of QE then gilts will likely spike higher and GBP to the downside. There is an incredibly slim chance the BOE may spring a surprise, as it has done on occasions, and choose to lower rates on held bank reserves despite recent comments, in which case gilts and short-sterling will rally and interbank lending rates will fall.
Rajoo C, analyst at Precise Trader, comments: GBP is mildly Strong and JPY is also mildly Strong , so expect a quiet and Choppy session until one of the cross breaks. The Price on the Hourly is in a range trading and expect a choppy session until the price breaks out of trading range. On the 5 min is also Choppy but along the Horizontal Channel with the no clear direction of strength during Asian session. Conservative Traders: Be SIDELINED or strictly trade only at Precise Traders Report levels. Aggressive Traders : Be SIDELINED until the signals are clear.