ByJin Dao Tai
MAY 13, 2021
Overall, GBP/JPY is trending upwards.
The UK Preliminary GDP q/q data (Actual: -1.5%, Forecast: -1.6%, Previous: 1.3% revised from 1.0%) released yesterday indicated negative economic growth during the first quarter of 2021 as a result of the imposed COVID restrictions across the UK.
Bank of England Governor will be speaking tomorrow at 0000 (SGT). During this time, there may be volatility in GBP.
Currently, GBP/JPY is testing to break above the key level of 154. Its next support zone is at 153.000 and the next resistance zone is at 155.000.
Look for buying opportunities of GBP/JPY if it breaks above the key level of 154.
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