GBP/JPY Outlook (07 May 2021)
ByJin Dao Tai
MAY 7, 2021
Overall, GBP/JPY is ranging across. Recently, GBP/JPY bounced down from the key level of 152.
The Bank of England (BoE) held its monetary policy unchanged yesterday during its meeting. Although one member of the committee voted for a cut in government bond purchases, the central bank’s governor highlighted that the BoE has not concluded on reducing quantitative easing. The central bank also expects growth to recover to pre-COVID levels this year while inflation is expected to rise above 2% temporarily towards the end of 2021 due to rising energy prices.
The UK Construction PMI data (Forecast: 62.0, Previous: 61.7) will be released later at 1630 (SGT).
Currently, GBP/JPY is moving towards the key level of 152. Its next support zone is at 151.000 and the next resistance zone is at 153.000.
Look for buying opportunities of GBP/JPY if it breaks above the key level of 152.
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