- GBP/JPY is currently down 100 pips from the high of 148.73 reached yesterday – a level last seen in mid-November.
- Sterling rose on Wednesday after UK lawmakers rejected leaving the European Union without a withdrawal agreement.
GBP/JPY is currently trading at 147.75, having hit a four-month high of 148.73 yesterday.
Sterling picked up a strong bid on Wednesday after the UK lawmakers passed a bill to prevent the UK from leaving the European Union without a deal. The parliament is set to vote today on whether the divorce date should be extended.
With most parliament members wanting to avoid economic uncertainty, the divorce data could be extended. Therefore, GBP/JPY could begin recovering lost ground ahead of the key vote, having shrugged off weak data release in Asia.
The UK house price balance fell to -28 in February, the lowest level since May 2011, according to RICS UK Residential Market Survey. GBP/JPY, however, barely moved in response to dismal data release.
Technical Levels
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