GBP/JPY rises after data shows UK house prices recovering for the sixth consecutive month.
The Yen side of the pair weakens as bets of a BoJ rate hike in March fade.
Technically GBP/JPY is threatening to pullback in the midst of a strong uptrend.
The GBP/JPY is up almost two tenths of a percent, trading in the mid 189.00s during the European session on Thursday after the Pound Sterling (GBP) side of the pair was buoyed by the release of British data which revealed a recovery in UK house prices in February.
The data follows on from the UK’s positive monthly real GDP print released on Wednesday, which showed the UK economy growing by 0.2% in January after declining 0.1% in December. The data stoked hopes the country may be exiting from its technical recession triggered by the dismal growth performance in the last quarter of 2023
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