GBP/JPY Outlook (12 October 2020)
Overall, GBP/JPY is ranging across. Recently, GBP/JPY trended higher after White House economic adviser Larry Kudlow announced that President Trump has approved a revised COVID-19 relief package, causing the market to go risk-on.
The UK GDP m/m (Actual: 2.1%, Forecast: 4.6%, Previous: 6.6%) data released last Friday indicated that August is the fourth consecutive month of economic growth although the pace has slowed down.
Bank of England Governor Bailey will be speaking at a virtual Citizens’ Panel Open Forum tomorrow at 0000 (SGT). During this time, there may be volatility in GBP.
GBP/JPY’s next support zone is at 136.200 and the next resistance zone is at 138.100.
Look for short-term buying opportunities of GBP/JPY .
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