GBP/JPY oscillates in a 161.70-162.40 range amid mixed global cues

• GBP/JPY steadies in mid 161.00s in the absence of any potential trigger.
• The isolation of Russia by other UN Human Rights Council members may trim the expectations of a ceasefire.
• Next week, investors will focus on the UK’s CPI, which is likely to land at 6.6%.

The GBP/JPY pair is auctioning a narrow range of 161.65-162.35 amid the absence of a fresh trigger that could provide a direction to the asset. The cross has been consolidating from the past three trading sessions but seems to attract volatility going forward.

It looks like after abandoning Russia from the United Nations (UN) Human Rights Council, a sense of isolation may postpone the announcement of a ceasefire between Moscow and Kyiv. On Thursday, 93 out of 175 members of the UN Human Rights Council voted against the membership of Russia in the UN Human Rights Council. The decision came after Ukraine’s President Volodymyr Zelenskyy accused Russia of a massacre in Bucha, Ukraine. Apart from that Moscow has been stripped from the tag of ‘most favored nations’. The move is going to increase their tariffs. Also, US lawmakers put an embargo on the imports of oil, coal, and gas from Russia.

Next week, investors will face high uncertainty amid the release of the UK’s Consumer Price Index (CPI) numbers. A preliminary estimate at 6.6% indicates a worsening of an already inflation mess. This is likely to compel the Bank of England (BOE) to call for an interest rate hike for the fourth time consecutively. While the Japanese docket will report the Industrial Production data. Earlier, the yearly Japanese Industrial Production data was printed at 0.2%.