GBP/JPY inches toward 152.00 amid improved risk sentiment
- GBP/JPY accumulates gains for the past five consecutive sessions.
- The sterling benefits from the drop in fresh coronavirus cases, upbeat economic data.
- Yen remains on the backfoot on uncontained coronavirus cases, BOJ concerns over the economic recovery.
GBP/JPY moves cautiously toward the 152.00 mark in the European trading hour on Thursday. The pair hovers in a narrow trade band with an upside bias.
At the time of writing, the GBP/JPY pair is trading at 151.56, up 0.09% for the day.
The sterling remains firm after the reports that the UK’s coronavirus infections drop slightly on Wednesday, there were 35,847 cases recorded up to the time.
The Brexit chaos keeps GBP/JPY gains in check, in the latest development, new Brexit rules from moving goods from Northern Ireland to the rest of the UK have been delayed as per the BBC.
It is worth noting that, the S&P 500 Futures are trading at 4,524 with 0.031% losses.
On the other hand, the Japanese yen pares its gains on rising coronavirus cases, fresh 20,031 cases were recorded on Wednesday.
The Bank of Japan Board Member Goushi Kataoka expressed his concern over the coronavirus pandemic impact on the economy to linger for a longer time period than expected.
On the economic data front, the factory activity in Japan rose for the seventh straight month in August.
As for now, the market dynamics continues to influence the pair’s performance.
GBP/JPY additional levels
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
