The currency pair softens as Japan’s stronger Q1 GDP bolsters the yen, while traders await UK jobs figures for directional cues.
The GBP/JPY cross retreated to 213.15 in early European trading on Tuesday, pressured by Japan’s stronger-than-expected first-quarter GDP data. The report lent support to the yen, offsetting recent gains in the pair.
UK employment data due later today will be closely watched. The unemployment rate is forecast to hold steady at 4.9% for March, while claimant count change is expected to rise by 27.3K in April. A stronger labor market could provide near-term support for the pound.
Technically, the pair remains above its 100-day EMA and lower Bollinger Band, maintaining a broader uptrend. Resistance is seen near 213.85, with support at 211.55.