We use cookies to offer a better browsing experience, analyze site traffic, personalize content, and serve targeted advertisements. By clicking accept, you consent to our privacy policy & use of cookies. (Privacy Policy)

GBPJPY Looks for Breakout as Brexit Deal Inches Closer

FTSE 100
FTSE 100

GBPJPY was trading higher on Thursday as Brexit talks come down to fishing rights. The pair was trading at 140.00 and was also benefiting from a continued rise in stock markets which is lowering the desire for safe havens like the Yen.

The Bank of England announces its latest interest rate and monetary policy today. The BoE is expected to hold steady on rates and stimulus until the Brexit situation is secured. The bank’s bond-buying was program is currently £895 billion, which was increased by £150 billion last month.

The U.K. and the EU are looking to resolve Brexit talks with fishing rights being the last key block to an agreement. The U.K. government goes into a recess on Thursday, but P.M. Boris Johnson has said they could be called back if a deal needs to be approved.

GBPJPY Technical Outlook

The GBPJPY is trading at 140 and a break above this level could see the pair move to the resistance at 142.70. Support is at 138.00 with the 50-day moving average if we see a No Deal outcome. The Investing Cube team is currently available to help all levels of traders with the Forex Trading Course or one-to-one coaching

Don’t miss a beat! Follow us on Telegram and Twitter.

GBPJPY Daily Chart

More content