GBP/JPY climbs to two-week high, closer to mid-155.00s ahead of BoE announcement

A combination of factors assisted GBP/JPY to attract some dip-buying near the 155.00 mark.
BoE rate hike bets continued underpinning the British pound and helped limit the early slide.
Resurgent USD demand weighed on the JPY and remained supportive of the BoE event risk.

Haresh Menghani FXStreet

The GBP/JPY cross reversed an intraday dip and climbed to a two-week high, around the 155.40 region during the early European session.

The cross attracted some dip-buying near the key 155.00 psychological mark on Thursday and has now moved into the positive territory for the fourth successive day. Bulls might now be looking to build on the recent strong rebound from sub-153.00 levels, or support marked by the very important 200-day SMA.

The British pound continued drawing support from expectations that the Bank of England will hike interest rate at its meeting later today. On the other hand, the Japanese yen was weighed down by resurgent US dollar demand. This, in turn, extended some support to the GBP/JPY cross and helped limit the early slide.

Investors, however, might refrain from placing aggressive bets and prefer to wait on the sidelines ahead of the BoE event risk. The UK central bank is widely expected to announce the first back-to-back interest rate hikes since 2004 and signal its approach to start unwinding the £895 billion quantitative easing programme.

The announcement will play a key role in influencing the British pound and provide some impetus to the GBP/JPY cross. Apart from this, the ECB policy decision might infuse some volatility in the markets and drive demand for the safe-haven JPY. This might further allow traders to grab some short-term opportunities around the cross.

Technical levels to watch

GBP/JPY

Overview
Today last price	155.35
Today Daily Change	0.01
Today Daily Change %	0.01
Today daily open	155.34

Trends
Daily SMA20	155.5
Daily SMA50	153.53
Daily SMA100	153.56
Daily SMA200	153.2

Levels
Previous Daily High	155.44
Previous Daily Low	154.81
Previous Weekly High	154.96
Previous Weekly Low	152.91
Previous Monthly High	157.77
Previous Monthly Low	152.91
Daily Fibonacci 38.2%	155.2
Daily Fibonacci 61.8%	155.05
Daily Pivot Point S1	154.95
Daily Pivot Point S2	154.57
Daily Pivot Point S3	154.32
Daily Pivot Point R1	155.58
Daily Pivot Point R2	155.83
Daily Pivot Point R3	156.21

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

AUD/USD stays weak above 0.6900 after China’s trade data

AUD/USD struggles to capitalize on the previous day’s recovery and stays defensive on the 0.6900 level following the narrowing of trade surplus in China. Increased December Fed rate hike bets allows the US Dollar to pause its decline and weigh on the pair. US CPI data is next of note for the major.

USD/JPY retakes 158.00 on weak Japanese data; focus shifts to US CPI

USD/JPY attracts some dip-buyers and retakes 158.00 in the Asian session on Tuesday as a fall in Japan’s Household Spending offsets hawkish BoJ Summary of Opinions, undermining the Japanese Yen. Moreover, Fed hike bets support the safe-haven US Dollar and the currency pair. The market focus now shifts to the release of the crucial US CPI report.

Gold comes under pressure; breaks below $4,100

Gold surrenders a big chunk of Monday’s advance and breaches below the key $4,100 mark per troy ounce on Tuesday. The precious metal’s decline follows the tepid bounce in the US Dollar and rising US Treasury yields prior to US inflation figures.

Pi Network rebounds from record lows, exits oversold territory as momentum improves

Pi Network (PI) shows a strong recovery on Tuesday, up over 7% after recording its all-time low of $0.0624 the previous day. PI token’s appeal in the derivatives market shows minor improvement, with Open Interest rising to $6.21 million.

US CPI data set to ease in October as markets reassess Fed rate hike expectations

The US Bureau of Labor Statistics will publish the October Consumer Price Index data on Tuesday, a release that could influence the US Dollar valuation as investors reassess the Federal Reserve’s interest-rate outlook. The report won’t include 12-month percentage changes for most CPI series in this release, due to missing October 2025 monthly data because of the lack of collection during the government shutdown from October 1, 2025, to November 12, 2025.

Gold reclaimed $4,100. Tuesday’s CPI test decides if it holds

Gold (XAU/USD) starts the week on a positive note, reclaiming the $4,100 psychological level as the US Dollar (USD) retreats from its recent highs. The precious metal recovers from Friday's losses, although investors remain cautious ahead of Tuesday's US Consumer Price Index (CPI) report, which could determine the next direction for Bullion.