GBP/JPY Exhibits Volatile Trading Above 171.40 - Long
Updated
During the early European session, the GBP/JPY pair is exhibiting a fluctuating and unpredictable movement within a narrow range above 171.40. The cross is anticipated to maintain high volatility as market sentiment remains divided concerning additional interest rate hikes by the Bank of England (BoE).
Despite BoE Governor Andrew Bailey's persistent efforts to raise interest rates, inflationary pressures in the United Kingdom economy have not shown signs of relenting from the double-digit territory, currently standing at 4.50%. Our forecast for this pair remains strongly bullish.
Despite BoE Governor Andrew Bailey's persistent efforts to raise interest rates, inflationary pressures in the United Kingdom economy have not shown signs of relenting from the double-digit territory, currently standing at 4.50%. Our forecast for this pair remains strongly bullish.
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The USD/CAD pair is experiencing volatile fluctuations around the key level of 1.3500 during the early Asian session. It is anticipated that the Canadian dollar will maintain a sideways trend until the Federal Open Market Committee (FOMC) minutes for the May monetary policy meeting are released. As for our position in USD/CAD, we maintain a bullish outlook as the price continues to progress towards our target points.
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