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Further GBP/JPY gains thwarted by GBP/USD relapse

The falls in the GBP/USD since this time yesterday morning have seen the Pound trade to just below its 200 day moving average a little earlier. It is still below that level (1.2593) as this update is being written. On Wednesday the prospect of the GBP/JPY rising ever closer to its 2015 high (195.88) looked more likely, when the Pound reached a new 9 Year high at 193.53. However, since the BOE delivered a dovish surprise yesterday, that prospect has been dealt a blow. The falls in the GBP/USD have outpaced any upside in the USD/JPY, as that continues to hold below the important double top. What is clear right now it seems; is that in order for the GBP/JPY to test that 195.88 level, it is going to require a dynamic move above 191.95 in the USD/JPY. The GBP/JPY has fallen back to a low so far today at 190.50. It is currently trading at 190.76 

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