GBP/JPY retreats from the recent gains, trading lower around 182.10 during the European session on Tuesday. Moderate earning data from the United King
GBP/JPY pulls back from the recent gains amid moderate UK earning data. UK CPI is expected to decrease; monthly figures could report a notable increase. BoJ could intervene in the foreign exchange market to protect the Japanese Yen. dom could exert pressure on the Pound Sterling , which diminishes the GBP/JPY pair. Average Earnings Excluding Bonus remained consistent at 7.8% in August as expected. Pay levels Including Bonus for the said quarter, decelerate at 8.
Currently, interest rate probabilities for the BoE remain around a 50% chance of a 25 basis points hike in this cycle. The Bank of Japan maintains its view that inflation is transient and has no plans to phase out its massive monetary stimulus. The dovish outlook, coupled with an overall positive risk sentiment, could continue to weaken the safe-haven Japanese Yen , suggesting that the GBP/JPY cross is more likely to trend upward.
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