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GBP/JPY Outlook (05 August 2021)

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GBP/JPY Outlook (05 August 2021)

ByJin Dao Tai

 AUG 5, 2021

GBP/JPY Outlook (05 August 2021)

Overall, GBP/JPY is ranging across.

The UK Construction PMI data (Forecast: 64.5Previous: 66.3) will be released later at 1630 (GMT+8).

The Bank of England (BoE) will be announcing their monetary policy decision later at 1900 (GMT+8). It is expected that the central bank will be holding its monetary policy unchanged. Also, it is unlikely that the BoE will providing any details on quantitative easing (QE) tapering due to existing uncertainties arising from the COVID Delta variant, slowdown in business activities and the ending of the UK furlough scheme in September. The central bank will also be releasing its quarterly projection materials in which it is likely to revise its inflation projection upwards.

Currently, GBP/JPY is testing to break above the key level of 152. Its next support zone is at 151.000 and the next resistance zone is at 153.800.

If the BoE does not provide any details on QE tapering and fails send out any hawkish tone, look for short-term selling opportunities of GBP/JPY.

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