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April 12, 2023After hitting its highest point in 3 months at 166.58, GBP/JPY dropped by 60 pips and is now trading at 165.97.
United Kingdom BoE Gov Bailey speech is next today at 13:00 UTC.
While price action maintains a negative bias, United Kingdom Mortgage Rate (GBP) (Mar) came out at 7.22, while a consensus of analysts was expecting seven.
In the meantime, negative performances are also seen in other pairs as after ending yesterday's session at 1.2425, GBP/USD lost 22 pips and is trading around 1.2403.
Though Pound-Yen has been dropping, other pairs have been performing better: EUR/GBP is up 0.31%. EUR/JPY is up 0.21%.
Looking ahead, ongoing depreciation may be prolonged as United Kingdom Manufacturing Production is projected to outperform its last figure with 0.2%. It previously stood at -0.4%; data will be released tomorrow at 06:00 UTC.
Some optimism can drawn from the fact that tomorrow at 06:00 UTC data for United Kingdom GDP will be released, with an expected decline to 0.1% from the preceding figure of 0.3%.
Furthermore, United Kingdom Monthly GDP 3M/3M Change (Feb) will be released tomorrow at 06:00 UTC. United Kingdom BoE Gov Bailey speech scheduled to come out today at 19:15 UTC.
The currency pair has been trending positively for about 2 months. As things stand, Pound-Yen is 14.84% away from a significant low of 144.6 first set 6 months ago.
