British pound forecast: GBP/USD and GBP/JPY – Forex Friday
As we head into the end of the week, the British pound is facing some key challenges against the US dollar and the Japanese yen in the forex market.
GBP/USD has been trading in a tight range, hovering around the 1.3900 level. The pair has struggled to break above this resistance, with investors remaining cautious amid uncertainty surrounding Brexit negotiations and the UK economy. However, if the pound manages to break above 1.3900, we could see a potential rally towards 1.4000.
On the other hand, GBP/JPY has been trading in a more volatile manner, with the pair testing the 150.00 level multiple times. The yen has been strengthening against the pound due to safe-haven demand amid geopolitical tensions. If GBP/JPY fails to hold above 150.00, we could see a potential drop towards 148.00.
Overall, the British pound is facing mixed signals against the US dollar and the Japanese yen. Traders should closely monitor key levels and news events to navigate the market effectively.