GBPJPY Technical Analysis 7th November 2024 1h chart

GBPJPY Technical Analysis 7th November 2024 1h chart
– Wednesday Daily candle closed strong Bullish at 199.140 below recent Daily Resistance. i’ll be looking for potential Buys above 199.550 targeting Strong Key Level at 200.000 Leaving Runners to the previous 4h Support formed on 23rd July 2024 around 200.650. I’ll be looking for potential Sells below 198.830 targeting Hourly Support at 198.370 Leaving Runners to the 30min Support formed at 197.940. Market participants should prepare for significant movement in Pound Sterling as high-impact news is set to shape the London trading session. The Bank of England is expected to announce its latest decision on the Bank Rate, a critical factor that could drive major shifts in currency markets. Investors are closely watching for any signs of policy change, as this decision may impact inflation outlooks, economic forecasts, and market sentiment across the UK.