GBP/JPY Stays Bullish on Strong Japan GDP Data
GBP/JPY Remains Under Pressure at 170.20 Amidst Japan's Strong Growth Numbers
GBP/JPY is experiencing continued downward pressure around 170.25, following a reversal from a one-week high on early Wednesday. The cross-currency pair's retreat from a descending resistance line, which originated on May 01, aligns with the release of encouraging growth figures from Japan.
Notably, Japan's Gross Domestic Product (GDP) for the first quarter of 2023 surpassed expectations, with a quarterly growth of 0.4% compared to the anticipated 0.1% and the previous reading of 0.0%, as indicated by the preliminary data.
Considering these developments, we anticipate a bullish continuation in GBP/JPY after the appearance of arrows on our indicator.
GBP/JPY is experiencing continued downward pressure around 170.25, following a reversal from a one-week high on early Wednesday. The cross-currency pair's retreat from a descending resistance line, which originated on May 01, aligns with the release of encouraging growth figures from Japan.
Notably, Japan's Gross Domestic Product (GDP) for the first quarter of 2023 surpassed expectations, with a quarterly growth of 0.4% compared to the anticipated 0.1% and the previous reading of 0.0%, as indicated by the preliminary data.
Considering these developments, we anticipate a bullish continuation in GBP/JPY after the appearance of arrows on our indicator.
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