GBPJPY Rises on Solid UK Data: Dip-Buy Setup at 214.6 Eyes 217

GBPJPY gained slightly after upbeat UK retail sales data. Today it hits an intraday low of 214.949; now it is trading at about 215.318.

March 2026 retail sales in the UK increased by 0.7% month-on-month, exceeding the 0.2% consensus and recovering from February's revised -0.6% fall, with a weaker 0.2% gain ex-fuel driven by clothing, telecommunications, and online non-store sales as warmer temperatures boosted consumer spending. Though forward-looking indicators point to weaker demand—with CBI surveys suggesting a -49% contraction for April—annual growth remained at a strong 1.7% during positive Q1 momentum. The data indicates ongoing domestic strength balancing out outside headwinds from geopolitical tensions such as Hormuz, however energy-price volatility remains a major inflation concern that might affect the Bank of England's policy posture, maybe favoring cautious easing while leaving unequal sectoral momentum throughout the economy.

 Major support- 214.50/ 213.80/212.30/211.80/211.30/210.40/209.48/208. Major resistance 216/217/218.

It is good to buy on dips around 214.58-60 with SL around 213.60 for a TP of 217.