Spike in the GBP/JPY – U.K’s inflation jumps to 2.5%

The U.K. inflation accelerated for the first in eight months in July, increased by the cost of auto fuel, transport tickets and computer...


The U.K. inflation accelerated for the first time in eight months in July, increased by the cost of auto fuel, transport tickets and computer games. As per Office for National Statistics, the consumer-price growth jumped to 2.5% from 2.4% in June, as per economists’ forecast.

GBP/JPY - 4 Hour Chart

GBP/JPY – 4 Hour Chart

Overall, it’s a positive data for the Sterling and we also had a sharp spike in GBP. Let’s look at the GBP/JPY. Technically speaking, the GBP/JPY has already completed 61.8% retracement at 142.250. The same level is working as a solid hurdle for the pair. Taking a look at the 4- hour chart, you can see Japanese cross is trading sideways exactly below the 61.8% retracement level.

I will still be looking to stay bearish below 142.450 to target 141. Good luck!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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