- GBP/USD under bearish pressure.
- Brexit deal concerns persist eroding the sentiment around the GBP crosses.
- Sentiments favouring JPY adds to the weakness in the pair.
GBP/JPY trades around 136.65, a two-day low, during the European session today. The selling in the pair continued from yesterday’s modest losses as the Brexit related headaches remained apart from the global risk sentiments favouring the fund flow towards JPY.
The fishing access and level-playing-field continued to scuttle the progress in the Brexit-deal talks between the UK and EU, especially after the EU’s chief Brexit negotiator, Michel Barnier mentioned its importance on Wednesday for a successful conclusion of the current negotiations.
Global equities reflected a weak sentiment towards pro-risk assets and helped the JPY, pushing down the GBP/JPY cross. But, the continuation of the bearish pace might be limited as traders will be hesitant to place fresh bets before clarity on Brexit emerges.
Looking ahead in today’s trading, market participants will eye the flash version of the UK PMI prints for October along with the Brexit headlines and broader market sentiments.
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