-
GBP/JPY Price Analysis: Retreats towards 170.00 on strong Japan GDP, BoE’s Bailey eyed
GBP/JPY remains pressured around 170.25 while extending the previous day’s U-turn from a one-week high on early Wednesday. In doing so, the cross-currency pair justifies the upbeat Japan growth numbers while keeping Tuesday’s pullback from a descending resistance line stretched from May 01. That said, Japan’s first quarter (Q1) 2023 Gross Domestic Product (GDP) rose to 0.4% QoQ versus 0.1% expected and 0.0% prior, per the preliminary reading. Given the upbeat Japan data and the pair’s U-turn from the key resistance line, backed by a firmer RSI (14), the GBP/JPY is likely to decline further. However, a ... (full story)