The GBP/JPY cross edges lower during the Asian session on Wednesday and erodes a part of the previous day's gains to over a three-month peak, around the 199.70 region.
GBP/JPY pulls back from a multi-month peak, though the downside potential seems limited. The BoJ rate-hike uncertainty could undermine the JPY and lend some support to the cross. Traders look to the UK Autumn Budget for short-term impetus ahead of the BoJ on Thursday. The GBP/JPY cross edges lower during the Asian session on Wednesday and erodes a part of the previous day's gains to over a three-month peak, around the 199.70 region.
It is the fourth most traded unit for foreign exchange in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders , and EUR/GBP . The Pound Sterling is issued by the Bank of England .
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