During his speech yesterday, Bank of England (BoE) Governor Bailey said that with the growing level of optimism, if the central bank’s forecasts were to hold, the UK economy will recover back to the pre-COVID levels by the end of this year. Governor Bailey also highlighted that higher inflation is unlikely going to persist.
Currently, GBP/JPY moving towards 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.