Looking at the daily chart for GBP/JPY, we can see a symmetrical triangle pattern forming, and it seems to be nearing a breakout point soon, where it will either go up or down.
Yesterday, the UK’s September CPI (Consumer Price Index) was announced at 1.7%, which was lower than the expected 1.9%. The core CPI, which was announced at the same time, was 3.2%, also lower than the expected 3.4%. At the last Bank of England (BOE) meeting, the decision to cut interest rates was postponed because inflation had stopped decreasing. However, with these latest results, the chances of another rate cut at the next BOE meeting on November 7th have increased significantly.
Even though symmetrical triangle patterns typically result in a breakout to the upside, in this case, it looks more like GBP/JPY may have hit its peak.
GBP/JPY Forecast Range: 195.00 yen to 193.50 yen
Please note that the above information does not guarantee profits. Make sure to make your own decisions when trading.