GBP/JPY drops to 213.30 despite positive UK GDP growth
The British Pound has fallen to 213.30 against the Japanese Yen, despite the UK’s GDP growth accelerating to 0.6% in Q1.
The GDP growth exceeded expectations, with monthly data showing a 0.3% growth, contrary to the expected 0.2% contraction.
The pair’s failure to breach resistance at 213.70 has led to a retreat, with traders remaining cautious due to potential interventions.
Technical analysis indicates a mildly positive near-term bias, although momentum is fading, with the 4-hour RSI wavering around 50.