GBP/JPY remains subdued around 208.50 following disappointing UK GDP data

💡 DMK Insight

GBP/JPY’s struggle around 208.60 signals potential volatility ahead. The pair’s recent movement indicates a lack of bullish momentum, especially after paring losses. Traders should note that this level has been a pivot point in the past, and a sustained break below could trigger further selling pressure. On the flip side, if it manages to reclaim ground above 209.00, we might see a short-term rally. Keep an eye on broader market sentiment, particularly any shifts in UK economic data or Bank of Japan policy, as these could amplify price movements. For those trading this pair, monitoring the 208.00 support level will be crucial. A break below could lead to a test of lower support zones, while a bounce could present a buying opportunity, especially if confirmed by bullish momentum indicators on the daily chart.