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GBP/JPY Finds Some Support Near 141.00 Handle, Still Deep In The Red Post-UK Data
Friday, 10 August 2018 16:19 WIB | CURRENCIES |Poundsterling

The GBP/JPY cross continued with its bearish slide for the eight consecutive sessions on Friday but has managed to recover a part of its early decline to the lowest level since late-August 2017.

The cross managed to find decent support near the 141.00 handle and was further supported by better-than-expected UK manufacturing/industrial production data. Adding to this, the UK goods trade balance data also bettered market expectations, which coupled with in-line prelim Q2 GDP growth figures, provided a minor lift in the last hour.

However, the prevalent risk-off mood, as depicted by a sea of red across global equity markets, continued underpinning the Japanese Yen's safe-haven demand and kept a lid on any meaningful up-move. This, against the backdrop of concerns over a no-deal Brexit, might further contribute towards capping any meaningful near-term recovery for the cross.

Source : FX Street

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