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GBP/JPY sideways as markets leave pound out to dry

FXStreet (Guatemala) - GBP/JPY is trading at 177.76, up 0.00% on the day, having posted a daily high at 177.84 and low at 177.64.

The UK enjoyed an upward final revision in the 2Q q/q GDP outcome of 0.9%, but despite that, GBP/JPY remains in a sideways channel while we are really needing to pay attention to the guidance from the BoE on policy normalization. “After the recent rebound of sterling and the soft comments from the BoE minutes, investors are pondering the chances for further sterling gains. In this respect we look out for the UK PMI’s later this week”, explained KBC's Market Research Desk. The main focus ahead today will be in Japans Tankan surveys in All Large Industry Capex and Large and Non manufacturing.

GBP/JPY levels

With spot trading at 177.77, we can see next resistance ahead at 177.79 (Hourly 100 SMA), 177.98 (Hourly 200 SMA) and 178.12. Support below can be found at 177.77 (Hourly 20 EMA), 177.66 (Weekly Classic PP) and 177.45.

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