The GBP/JPY cross comes under some renewed selling pressure during the Asian session on Thursday and drops to the 182.40 area, or its lowest level since August 9 in the last hour.
The British Pound (GBP) continues with its relative underperformance in the wake of expectations for an imminent pause in the Bank of England's (BoE) rate-hiking cycle, which, in turn, is seen weighing on the GBP/JPY cross. Data released from the UK on Wednesday showed that the annual headline CPI fell to 6.7% in August from 6.8% in July, defying the consensus forecast for a rise to 7%. Moreover, importantly the core CPI – excluding volatile food, energy, alcohol and tobacco prices – came in at 6.2% in the 12 months to the end of August, down from 6.9% in July. The markets were quick to react and scaled back bets for a BOE rate hike to reflect a 50:50 chance of a hold.
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The British Pound (GBP) continues with its relative underperformance in the wake of expectations for an imminent pause in the Bank of England's (BoE) rate-hiking cycle, which, in turn, is seen weighing on the GBP/JPY cross. Data released from the UK on Wednesday showed that the annual headline CPI fell to 6.7% in August from 6.8% in July, defying the consensus forecast for a rise to 7%. Moreover, importantly the core CPI – excluding volatile food, energy, alcohol and tobacco prices – came in at 6.2% in the 12 months to the end of August, down from 6.9% in July. The markets were quick to react and scaled back bets for a BOE rate hike to reflect a 50:50 chance of a hold.
All signals are based on personal opinion, I am not responsible for the signals. Please consider before participating!
Comment:
SL hit, Sorry guys.
Trade closed: stop reached
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