GBP/JPY Outlook (20 May 2021)
ByJin Dao Tai
MAY 20, 2021
Overall, GBP/JPY is trending upwards. Recently, GBP/JPY bounced off the resistance zone of 155.000.
The UK CPI y/y data released yesterday indicated that annual inflation in the UK rose in April as forecasted.
- CPI y/y (Actual: 1.5%, Forecast: 1.5%, Previous: 0.7%)
- Core CPI y/y (Actual: 1.3%, Forecast: 1.3%, Previous: 1.1%)
Bank of England committee member Cunliffe will be speaking later at 1705 (SGT). During this time, there may be volatility in GBP.
Currently, GBP/JPY is testing to break below the key level of 154. Its next support zone is at 153.000 and the next resistance zone is at 155.000.
Look for selling opportunities of GBP/JPY if it breaks below the key level of 154.
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