GBP/JPY climbs towards 192.80 after UK Services PMI hit 11-month high
Source Fxstreet
- Pound Sterling sees broad-market recovery after Services PMI beat.
- Markets shrug off a decline in the UK Manufacturing PMI.
- Japan Tokyo CPI inflation, BoJ rate call due on Friday.
The GBP/JPY pair extended gains on Tuesday, climbing towards 192.80 after an upside beat to the UK Services Purchasing Managers Index (PMI) earlier in the session. The UK Services PMI hit an eleven-month high of 54.9 for April, reversing the forecast decline to 53.0 from the previous month’s 53.1. The Pound Sterling (GBP) is gaining ground across the board as investors shrug off a miss in the Manufacturing PMI, which declined to 48.7 versus the forecast steady print of 50.3. Services comprise over 80% of the UK domestic economy compared to manufacturing’s 9.3% total output contributions.
Focus will shift to early Friday’s Tokyo Consumer Price Index (CPI) inflation print, which is expected to hold steady at 2.6%. Japan’s Tokyo CPI inflation will be followed by the Bank of Japan’s (BoJ) latest Interest Rate Decision. The BoJ’s latest Outlook Report for the first quarter is also expected around 03:00 GMT Friday. Yen traders will be looking for BoJ Governor Kazuo Ueda’s Press Conference due sometime Friday morning.
GBP/JPY technical outlook
The GBP/JPY is approaching a familiar topside technical resistance zone between 193.00 and 192.80. The Guppy has been plagued by sideways churn in the near-term as the pair cycles familiar levels in a wide range just above the 190.00 major handle.
Daily candlesticks remain trapped in April’s range, and GBP/JPY is hobbled just below nine-year highs set in March near 194.00. Despite congestion patterns, the pair remains firmly bullish, trading well north of the 200-day Exponential Moving Average (EMA) at 184.90.
GBP/JPY hourly chart
GBP/JPY daily chart
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant.
The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
