Over the past 30 days, the GBP-JPY exchange rate experienced its fair share of ups and downs, fueled by a slew of macroeconomic factors. From April 29 to May 29, the pound navigated through periods of steady climbs, slight dips, and cautious rebounds. Here’s a week-by-week breakdown of how the GBP-JPY pair fared during this eventful month.
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Week 1 (April 29 – May 5)
- April 29: 199.56
- May 5: 200.43
- Change: +0.87%
The first week of this period saw the GBP-JPY on a steady climb. Why? Because everyone was waiting for the Bank of England (BoE) to drop their interest rate decision like it was the latest iPhone. Spoiler: They didn’t disappoint, and the pound got a little boost.
Week 2 (May 6 – May 12)
- May 6: 200.43
- May 12: 199.87
- Change: -0.56%
Cue the second week, and we see a slight dip. The BoE decided to keep rates steady—yawn—leading to a minor sell-off. Plus, geopolitical drama (because when isn’t there any?) made investors run for the safe-haven yen like it was a Black Friday sale – well, back when they had those crazy mob attack events.
Week 3 (May 13 – May 19)
- May 13: 199.87
- May 19: 199.45
- Change: -0.42%
The third week was all about waiting. No major news, just market players twiddling their thumbs and staring at their screens. The uncertainty kept the GBP under pressure, and the yen enjoyed its safe-haven status.
Week 4 (May 20 – May 26)
- May 20: 199.45
- May 26: 200.28
- Change: +0.83%
And then came the fourth week—a rebound. The UK dropped some juicy retail sales data that was better than anyone expected. Investors loved it, and the pound got its groove back against the yen.
Week 5 (May 27 – May 29)
- May 27: 200.28
- May 29: 200.23
- Change: -0.05%
The final days of our 30-day adventure were as exciting as watching paint dry. The GBP-JPY stayed pretty flat at 200.23, with investors playing it safe before the next round of economic data and central bank gossip.
So, there you have it. The GBP-JPY pair gave us some thrills and chills over the past 30 days, driven by central bank drama, economic surprises, and the usual global risk nonsense.
Is GBP-JPY a Buy?
Using TipRanks’ technical analysis tool, the indicators seem to point to a positive outlook. Indeed, the summary section pictured below shows that 15 indicators are Bullish, compared to one Neutral and six Bearish indicators.
