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      Nikita Kapoore•

      GBP Meets Resistance Against USD and YEN

      2 min read

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      Daily Forex Report 21-Oct-2022: GBP Meets Resistance Against USD and YEN amid chaos in UK parliament

      Against the pound, the euro hits its highest level in eight days

      The GBP/USD pair was made good progress yesterday before hitting resistance at US$1.133.

      Amid chaos in the UK parliament, any gains that were made by GBP were chipped away, and this morning’s Asia trading hours have further extended these losses.

      As of this morning, cable was over 40 pips down against the day and is changing hands at US$1.11.

      The dollar’s strength remains resolute against the pound – Source: capital.com USD remains resolute against GBP – Source: capital.com

      Both suprisingly and worryingly, GBP is trading 0.28% lower against the beleaguered JPY (Japanese yen) after similarly hitting a resistance wall at 169.

      GBP/JPY is now sitting slightly above the 168 yen price point, while the Japanese government continued to consider an intervention into the Bank of Japan’s ultra-loose monetary policy.

      On that note, USD remains at a 32-year high of 150 yen.

      Less surprising, is the pounds weak performance against the Euro in a continuation of recent trends.

      The EUR/GBP pair is now trading at an eight-day high of 87.2p.

      The euro remains in a broader downtrend against USD and remains under par at US$0.97.

      However there seem to be some consolidation forming at the price point, with the one-hour chart showing a sideways trade, at least in the short term.

      The euro is unlikely to regain parity in the short term – Source: capital.com The euro is unlikely to regain parity in the short term – Source: capital.com

      Capping off this friday, AUD (Australian dollar) is changing hands at US$0.626 after dipping 0.33% overnight.

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