GBP/JPY - the pound may have found support against the yen on the 4-hourly. BoE expected to keep its interest rate as it is tomorrow

Taking a look at the GBP/JPY forex pair as we can see that the pound may have found some support along the lower trendline of the channel after testing the 100-day moving average. Currently, the pair is trading at around 187.43, with the support at 186.81 (100MA). A break below this support would first need to test the support of 186.51 before any potential moves lower. Looking towards the upside, minor resistance sits at 187.55 followed by 188.12 and the primary resistance along the upper trendline of the channel reading approximately 188.34. A break and close above the trendline would be a bullish indication, but only a break above 188.93 would confirm that further upside is likely. Looking at the RSI, it has now turned neutral and is rising, reading 49. The Bank of England is expected to keep its interest rates firm tomorrow as recent inflation data highlights that inflation is still lingering.