The British pound sterling (GBP) is one of the currencies that maintains its value even when COVID is at its worst.

The pound rose against the Japanese yen (JPY) today, reaching a high of more than 155.00 after several days of steady advances.
Because the upperside price action of the GBP/JPY currency pair generated a higher high wave, the technical bias could remain optimistic for a while.

Let’s take a look at some of the recent highlights that have pushed the GBP/JPY pair forward.

According to the FXStreet article, the Bank of England (BoE) may maintain its policies unaltered and make new predictions when the Asset Purchase Facility data is released on February 4, 2022. Slower growth and inflation, as well as concerns about the fifth COVID and the Federal Reserve, will almost probably lead to caution. As a result of the ruling, the GBP/JPY exchange rate may tumble.

The British central bank will next announce the interest rate, which economists believe will remain unchanged this month compared to the previous month.

If the Reserve Bank is concerned about the economy’s inflationary potential and raises interest rates, it is good, or bullish, for the GBP.

Trade Idea

Considering the pair’s price behaviour over the last few days, buying it at current levels could result in some short- to medium-term profits.