Sterling Strength: GBPJPY Eyes 217.00 as Inflationary Pressures Mount

GBPJPY gained slightly after upbeat UK inflation data. Today it hits an intraday high of 215.62; now it is trading at about 215.159.

Driven by a significant 0.6% monthly rise, nearly all of which was caused by rising motor fuel prices and transportation inflation hitting a three-year high of 4.7%, UK headline inflation soared to 3.3% year-over-year in March 2026. The current U.S.-Iran maritime conflict and the continuous naval blockade of the Strait of Hormuz, which has kept global oil prices around 100 USD per barrel and affected factory gate prices, directly cause this inflationary increase. As financial markets priced out near-term interest rate cuts, the British Pound strengthened, with the Bank of England now anticipated to maintain its 3.75% rate through late 2026 to fight ongoing energy-driven pressures and prevent a de-anchoring of inflation expectations.

 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.