The GBP/JPY pair is down almost 0.4% to 196.00 in Friday’s North American session.
GBP/JPY declines to near 196.00 as higher number of BoE officials voted for an interest rate reduction on Thursday than what market participants had anticipated. UK Retail Sales rose at a slower-than-expected pace in November. Hotter Japan National CPI data for November has boosted BoJ hawkish bets. The asset faces selling pressure after the release of the United Kingdom Retail Sales data for November, which came in slower than projected due to weak demand at clothing stores.
Accelerating price pressures have boosted expectations of more interest rate hikes by the Bank of Japan in upcoming policy meetings. GBP/JPY wobbles near the upper portion of the Symmetrical Triangle formation on a daily timeframe, which suggests a sharp volatility contraction. The outlook of the pair is bullish as it trades above the 50- and 200-day Exponential Moving Averages , which are around 194.25 and 193.00, respectively. The 14-day Relative Strength Index hovers near 60.00.
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