GBP/JPY Uptrend Pauses, Bulls Target 219 Breakout
GBP/JPY declines for a third session, down 0.15% as traders assess new UK Prime Minister Andy Burnham's first cabinet appointments. The pair trades at 218.13, with bulls eyeing a breakout above 219.
The British pound has weakened against the Japanese yen for three consecutive trading days, slipping 0.15% as market participants digest the initial policy direction of newly appointed UK Prime Minister Andy Burnham. The Prime Minister has begun naming members of his cabinet, adding a layer of political uncertainty.
GBP/JPY is currently trading at 218.13, having touched a daily high earlier in the session. Despite the short-term pullback, market bulls remain focused on a potential breakout above the 219 resistance level, which could reignite the broader uptrend.
Traders are watching for further cues from the new government's economic agenda as well as yen-related factors in the coming sessions.
Source: FXStreet Forex News