GBP/JPY fails to rebound from two-week low around 162.00 on Downing Street woes – by anilpanchal7 GBPJPY TrendFollowing UnitedKingdom Recession Politics
GBP/JPY extends downside break of two-month-old trend line, takes offers to refresh daily low.
UK PM Boris Johnson had a tough Tuesday as senior members of his cabinet, as well as the Tory Party, resigned after he decided to keep former Conservative party whip Chris Pincher in his post after sexual misconduct allegations were made against him. The British Leader, however, regretted his decision and took steps but it was too late. Even so, UK PM Johnson remained determined to keep his post and form the new cabinet.
It’s worth noting that Germany’s energy crisis, Italy’s drought and the Bank of England’s grim economic outlook are the key catalysts that drowned the GBP/JPY prices earlier, before the latest corrective pullback. On the same line could be hopes of an end to the British pessimism after the dissolution of the current cabinet, which is more likely soon.Technical analysis
Also keeping sellers hopeful is the pair’s successful break of the previous key support line from May 12, now resistance around 162.45.
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