GBP/JPY flubbed a bullish run at the 194.00 handle, floundering in recent technical congestion as the pair struggles to develop momentum.
GBP/JPY floundered after a late start to the week’s UK markets. UK Retail Sales disappoint, crimping bullish GBP momentum. BoE, UK GDP still on the cards this week. UK Retail Sales figures missed the mark when UK investors returned to markets after a long weekend, keeping the Pound Sterling pinned.
The central bank of the UK is broadly expected to vote 8-to-1 for a rate hold as the BoE grapples with a wobbly inflation outlook plaguing the UK’s economy. Later this week will also be a fresh print of UK Gross Domestic Product figures, slated for Friday’s early London market session. UK GDP for the first quarter is expected to print at 0.4% QoQ, rebounding from the previous quarter’s -0.3% backslide.
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