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10 Sep 2020

GBP/JPY falls back below 138 as US House Speaker warns on Brexit

  • GBP/JPY trades below 138.00 after rejection at an SMA hurdle. 
  • Brexit cannot be allowed to imperil the Good Friday Agreement, the US House Speaker said. 

Sterling is drawing offers and pushing GBP/JPY lower with the US House Speaker Nancy Pelosi warning the UK against overriding the Brexit withdrawal agreement signed earlier this year. 

Rejected at key SMA

The pair is trading near 137.85, representing a 0.14% drop on the day, having faced rejection at the descending 50-hour simple moving average (SMA) hurdle at 138.16 early Thursday. 

Pelosi warned that there would be no chance of the US Congress approving the US-UK trade pact if the UK's Prime Minister violates the European Union divorce deal's critical elements, jeopardizing the peace established in Northern Ireland. 

The US House Speaker's comments hit the wires an hour ago, reviving the selling interest in Sterling. 

While GBP/JPY is trading in the red at press time, it is still up 100 pips from the low of 137.31 seen on Wednesday. However, European deks could hit the market with fresh offers in response to Pelosi's comments, sending the pair back to 137.31. 

The risk reset in the global equity markets could keep the anti-risk yen under pressure and offer relief to GBP/JPY. 

Technical levels

 

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