GBP/JPY REMAINS TIPPED INTO BULLISH SIDE AT THE TAIL END OF ANOTHER TEPID WEEK
- GBP/JPY finds itself at the top end of near-term technical resistance.
- Next week sees a hefty economic calendar showing for the UK.
- Japan GDP growth slated for next Thursday.
GBP/JPY found itself back into familiar technical levels near 188.50 on Friday after an early-week bounce from the 186.20 region as the Pound Sterling (GBP) finds itself stepping over the Japanese Yen (JPY) that spent most of the week on the soft side.
It was a thin economic calendar for both currencies this week, leaving the Guppy pair hamstrung as investors grapple with interest rate cut outlooks from both the Bank of England (BoE) and the Bank of Japan (BoJ). Both central banks appear to be quite dovish for opposite reasons, with the BoE grappling with a lopsided UK economy that sees inflation threats around every corner, and the BoJ that fears a deflationary overhang in the future, with Japanese inflation forecast to decline below the Japanese central bank’s 2% target in the months to come
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