GBP/JPY Stagnant Ahead of BoE Interest Rate Decision

The British Pound (GBP) is struggling to gain momentum against the Japanese Yen (JPY), trading below its previous day's high as traders await the Bank of England's (BoE) interest rate decision.

Despite a slight bounce from the 217.15 area, or a two-week low, the GBP/JPY cross has met with resistance and supply during the Asian session on Thursday.

The BoE is expected to keep interest rates steady, as domestic inflation pressures remain contained despite volatile energy prices.

However, inflation remains above the BoE's 2% target, leading traders to look for cues about the future policy path. This includes expectations of a quarter-point rate hike by November and another one by March 2027.