GBP/JPY continues to gain ground despite weak UK PMIs

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• The GBP/JPY traded in the 181.26 – 182.81 range, set to close its sixth weekly gain in a row.
• The Sterling seemed to get traction thanks to the hawkish BoE’s decision on Thursday despite weak PMIs.
• Soft Japanese inflation figures applied further pressure on the Yen.

On Friday, GBP/JPY continued to push the cross to fresh cycle highs at 182.80 after finding support at the 181.25 area. In that sense, the Sterling continued to gain ground on the back of Thursday’s Bank of England (BoE) hawkish surprise to raise rates by 50 basis points and held its ground despite weak British PMIs from June.