Overall, GBP/JPY is trending upwards. Recently, GBP/JPY bounced off the resistance zone of 139.000.
Yesterday, the Bank of England (BoE) held interest rates unchanged at 0.1% and kept its monetary policy on status quo. The central bank gave a more optimistic short-term outlook of the UK’s economic growth with the current projection of a 9.5% shrink in 2020 as compared to the 14% shrink projection back in May. BoE Governor Andrew Bailey also highlighted that although negative interest rate is an available option, the central bank has no intention to reduce rates below zero.
The UK Construction PMI data (Actual: 58.1, Forecast: 57.0, Previous: 55.3) released yesterday indicated further expansion in the construction sector in July due to strong increase in house building.
Japanese banks will be closed next Monday in observance of Mountain Day. Expect lower trading volatility and volume during the Japanese market session.
GBP/JPY’s next support zone is at 136.200 and the next resistance zone of 139.000.
Look for buying opportunities of GBP/JPY if it breaks the resistance zone of 139.000.
Yesterday, the Bank of England (BoE) held interest rates unchanged at 0.1% and kept its monetary policy on status quo. The central bank gave a more optimistic short-term outlook of the UK’s economic growth with the current projection of a 9.5% shrink in 2020 as compared to the 14% shrink projection back in May. BoE Governor Andrew Bailey also highlighted that although negative interest rate is an available option, the central bank has no intention to reduce rates below zero.
The UK Construction PMI data (Actual: 58.1, Forecast: 57.0, Previous: 55.3) released yesterday indicated further expansion in the construction sector in July due to strong increase in house building.
Japanese banks will be closed next Monday in observance of Mountain Day. Expect lower trading volatility and volume during the Japanese market session.
GBP/JPY’s next support zone is at 136.200 and the next resistance zone of 139.000.
Look for buying opportunities of GBP/JPY if it breaks the resistance zone of 139.000.