GBP/JPY Hovers Near 213.00 as Yen Undermined by Rate Gap
The pound held near the top of its weekly range against the yen, with a persistent interest rate differential and UK fiscal worries keeping the pair steady.
GBPJPY
The British pound traded little changed against the Japanese yen during early European trading. After a three-day climb, GBP/JPY struggled to extend gains and consolidated around the 213.00 level, near the upper bound of its weekly range.
The yen remained under pressure from the wide gap between Bank of England and Bank of Japan policy rates, while fiscal concerns in the UK tempered the pound’s upside. The cross lacked momentum to break out of its consolidation phase.
Market participants await fresh drivers to determine the next directional move for the pair.
Source: FXStreet Forex News