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GBPJPY – Back to the Upside
Cable received a dose of good news today when it was revealed that the EU Parliament may consider “special status” for the UK -- a massive change from European’s original position that would make Brexit much more palatable for UK economy. While all of this remains speculation, the news helped lift sterling towards the 1.4000 level and if tomorrow’s UK Labor data proves supportive, the pair could challenge the 1.4100 figure by day’s end.
Meanwhile, tomorrow will also see the release of Feb minutes which are likely to maintain a hawkish bias and provide further support to the nascent rally in USDJPY.
All of this could prove especially positive for GBPJPY which took out the 150.00 figure in today’s trade and looks to be at the start of multi-day rally that could take it to 155.00