Along with Cable and EUR/GBP testing their recent extremes, GBP/JPY is now through initial support around 160.65-70, and is now eyeing a move on 160.00.
Below here lies the Wednesday low at 159.45, below which could set off another round of aggressive selling, and levels here look to tie in with this seen at 1.4116 in Cable and .7847 in EUR/GBP.
It has been a pretty dramatic turnaround in GBP over the last 24 hours, but after NY failed to make significant ground through 1.4400 (hit 1.4435), sellers clearly gained a little encouragement.
The severity of the downturn has been exacerbated by the latest EU voting polls, though we may get some respite in the USD contract ahead of the FOMC, though we won’t be holding our breath in NY today!
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