The GBP/JPY pairing is on the downside as the Pound Sterling (GBP) stumbles on comments from the Bank of England (BoE) Governor Andrew Bailey suggesti
BoE Governor Bailey warns rate hike cycle could be approaching the end.The GBP/JPY pairing is on the downside as the Pound Sterling stumbles on comments from the Governor Andrew Bailey suggesting the rate hike cycle could be nearing its end. It’s been up-and-down action for the Guppy chart as the GBP struggles to find a foothold against the Yen . The week’s early near 185.75 couldn’t hold and now the pair is swamped near the bottom of a three-week channel near the 183.50 level.
It's a data-light week for the GBP, and JPY traders will be keeping an eye out for Japanese Gross Domestic Product figures due during Tokyo’s Friday market session. Japan’s GDP grew by 1.5% during the first quarter of 2023, and Q2 GDP is expected to show a minor reduction in the headline figure to 1.3%.The GBP/JPY sees contracting resistance from late August’s peak near 186.75, with lower highs tapping out a descending trendline. The near-term floor has been priced in near 183.
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