GBP/JPY erases weekly gains

FXStreet (Córdoba) - GBP/JPY dropped for the second day in a row on Wednesday, retreating further after climbing on Tuesday to 173.94, the highest level in five weeks. After peaking the pair started to moved with a bearish bias.

Cable failed to hold above 173.00 and accelerated the correction below. During the recent American session bottomed at 172.35, the lowest price since last Friday.

From Monday to mid-Tuesday GBP/JPY rose 125 pips and then erased all gains. It finished Wednesday around 172.245, around the price it closed on Friday and 150 pips below weekly highs.