Preliminary GDP report surprised traders with 0.3% increase in the first quarter compared to previous quarter minus 0.3%, while it was expected to increase only by 0.1%.
The GBPUSD penetrated key cap at 1.5405 and managed to hold its ground; it was lastly seen at 1.5434.
We expect the pair to stay in consolidation in the immediate trading and later rise to 1.5583 as fundamentals are shining for the sterling, thus that will depend mostly on US dollar.
Concerning the Japanese Yen, the Bank of Japan restated its pledge to succeed 2% inflation in 2 years and increase monetary base by ¥60 to ¥70 Tln per year.
Despite mixed inflation improvement, the USDJPY dropped today from 99.49 to 98.22 as the Japanese competitiveness improves in international trade terms due to weaker Yen.
Read details on: Online Currency Trading Company