The post GBP/JPY pumps the brakes, extends into a two day backslide appeared on BitcoinEthereumNews.com.

GBP/JPY explored the downside on Thursday as GBP faith withers. The Pound Sterling lost market support after UK growth figures missed the mark. UK Retail Sales are due on Friday, lofty forecasts might set Guppy up for failure. GBP/JPY pivoted back into the low end on Thursday, extending into a second day of losses after UK economic growth and activity figures pummeled the Pound Sterling, and GBP traders will be shuffling their feet ahead of Friday’s UK Retail Sales figures for December. UK Gross Domestic Product (GDP) growth rebounded in November, but missed median market forecasts to print at a thin 0.1% MoM, down from the expected 0.2% and climbing only moderately from the previous -0.1% contraction. UK Industrial Production barely moved the needle in November, contracting by -0.4% and entirely missing the forecast upswing to 0.1% compared to the previous month’s -0.6% backslide. UK Retail Sales figures for December are due early during Friday’s London market session, and are expected to rebound to 0.4% from November’s 0.2% figure. On an annualized basis, Retail Sales are forecast to rally to 4.2% from the previous 0.5%, a lofty median target to set for an economic zone that has routinely missed market expectations in recent months. GBP/JPY price forecast The Guppy has been trapped in a back-and-forth pattern on the charts as monthly closes trade blows across the bulls and the bears. GBP/JPY is poised for a third straight week of firm declines, and the pair is set to get hung up on familiar technical support zones conglomerating around the 190.00 major price handle. GBP/JPY daily chart Pound Sterling FAQs The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in…

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Filed under: News - @ January 17, 2025 12:24 am