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GBP/JPY: Daily & Intraday Analysis awaiting the BoE’s decision

Daily Market Report

Focus now turns to the Bank of England and sterling GBPUSD crept 0.3% higher to $1.2180 and firmed to 86.98 per euro EURGBP in anticipation of rates being held at high levels. Markets price an almost 90% chance the Bank of England keeps rates on hold at a 15-year high later on Thursday, but have not fully priced a rate cut until September 2024 — well after cuts are expected to have begun on the continent.

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