GBP/JPY · Long

Legacy position · October 20, 2026

Active−141 pips vs avg entry

as of Oct 21

GBP/JPY weekly chart (FXCM, TradingView)

Entry

213.197

Target

265–270

Adds

None yet

Thesis

Current Cycle · Phase 1

Geopolitical oil shocks and the AI capex buildout keep UK inflation the stickiest, similar to the 2022 oil shock off the COVID lows and the Russia-Ukraine war, widening rate differentials and carrying the pound toward 265–270 against the yen.

Setup

Legacy long, adding on consolidation and continuation.

Risk / Invalidation

Review on a close through 207.52.