After the release of UK inflation data, traders are closely monitoring the price action of GBP/USD and GBP/JPY. The recent inflation figures have the potential to impact the movement of these currency pairs.
For GBP/USD, traders are looking for signs of a possible uptrend following the release of the inflation data. A stronger-than-expected inflation rate could push the pair higher, while a weaker figure could lead to a decline in the GBP/USD exchange rate.
On the other hand, for GBP/JPY, traders are watching for any potential shifts in the price action. The inflation data could influence the movement of this currency pair, with a positive inflation rate likely to boost the GBP/JPY exchange rate.
Overall, the UK inflation release has the potential to drive the price action of GBP/USD and GBP/JPY in the coming days. Traders are advised to closely monitor these currency pairs for any significant movements based on the latest economic data.