The pound is among the top performers on Thursday on a low volume session. GBP/JPY is rising modestly, but sill trades under 160.00.
During the Asian session, the pair dropped to test yesterday’s lows at 158.45. It held above and rebounded. On European hours, it peaked at 159.40 and it was trading at 159.25/30, 70 pips above the level it had at the beginning of the day.
GBP/JPY still up for the month
Today the pound is giving signals of short-term stabilization after being able to avoid reaching weekly lows during the last two days. Price started to decline two weeks ago from 164.30 and bottomed around 158.40.
Despite falling more than 500 pips since March 11, GBP/JPY remains in positive territory for the month. If it manages to confirm hold, it would be the first monthly gain since October of last year. Another positive development for the pound was that so far, during March it did not reach fresh multi-month lows.
(Market News Provided by FXstreet)