GBP/JPY: Persistent Bearish Pressure Amid Recovery Attempts

The GBP/JPY pair has shown recent volatility, attempting a rebound to 188.00 on February 10, breaking a three-day losing streak after hitting the weekly low at 187.00. The Bank of England’s dovish monetary policy, including the recent rate cut, has worsened the bearish sentiment on the pound, while downward revisions in the UK's growth forecasts have further weakened the GBP. Despite recovery attempts above 190.00, economic uncertainty and the central bank's negative outlook keep the risk of further declines high. The price is near a daily FVG, with potential liquidity grabs within and around the 0.62% Fibonacci level before resuming its downward movement.

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