FXStreet (Córdoba) – The pound weakened in the market after European markets close and extended losses versus the yen. GBP/JPY broke below 191.70 and dropped to 190.88, hitting the lowest levels since June 11.
The pair is about to suffer the second weekly decline in a row as it continues to retreat from multi-year highs that reached on June 24 at 195.89. Since then it lost almost 500 pips.
Stronger yen, weak pound
The yen started the week rising sharply in the market amid risk aversion, GBP/JPY opened with a considerable bearish gap (that is still open) and then managed to trim some losses but never above 193.50.
Yesterday when it was testing the 193.00 handle turned to the downside after the US employment report that boosted the yen in the market. On Friday, GBP/JPY decline accelerated as the yen remained strong, with USD/JPY falling below 123.00. Meanwhile, the pound weakened with GBP/USD falling to test 1.5550/60.
(Market News Provided by FXstreet)