GBP/JPY Holds Ground at Highest Levels, Long Setup

GBP/JPY remains at its highest levels since January 2016, showing a lack of direction. UK economic data for April was mixed, with improved GDP figures. The market is currently in a consolidation phase ahead of the Federal Reserve's monetary policy announcement, with mixed concerns about the Bank of Japan versus the Bank of England influencing buyers of the currency pair. Despite this, GBP/JPY is experiencing minor losses around the 176.70-80 level, paying little attention to UK statistics in the early morning hours in London. The pair is consolidating after experiencing its largest daily jump in 1.5 months, which occurred on the previous day when it reached its highest levels. The GBP/JPY bulls are taking a break due to anxiety surrounding the upcoming Fed announcement and the light Asian calendar. Furthermore, the mixed nature of the British data and lackluster Treasury bond yields are also limiting the pair's recent movements.

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