Can the pound-yen maintain its uptrend?
Fundamental:
BoE Governor Bailey signaled potential rate cuts ahead, with markets expecting a 0.25% rate cut in Aug. Political uncertainty persists as UK PM Starmer scaled back on welfare reforms amid a party rebellion, adding to fiscal caution. Trade tensions intensified as US President Trump threatened new tariffs on Japan and demanded greater agricultural access.
Technicals:
GBPJPY retreated from recent highs following a break above the ascending channel's upper bound. If GBPJPY rebounds from the support at 196.50, the price could extend its rally to the psychological resistance at 200.00. Conversely, a break below 196.50 could prompt a decline to the following support at 193.80.
By Li Xing Gan, Financial Markets Strategist Consultant to Exness
source https://www.tradingview.com/chart/GBPJPY/BEqW48Cn-Can-the-pound-yen-maintain-its-uptrend/
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