Snapshot: GBP/JPY is trading at 213.67, up 0.46% on the session, driven by continued uncertainty regarding the Bank of England’s policy path. A key focus remains on the MPC’s upcoming meeting on May 8th, with markets closely watching for any signals regarding potential rate cuts.
- Watch 214.00 – a break above this level could open the door for further upside.
- Risk: A surprise dovish shift from the BoE next week could trigger a sharp reversal.
Bias into NY: Bullish, with the BoE’s cautious stance providing underlying support. Expect GBP/JPY to test 214.00, with upside momentum potentially amplified if risk appetite remains strong, evidenced by S&P 500 futures trading up 0.45%.