The British Pound (GBP) faced downward pressure against the Japanese Yen (JPY) on Friday, with the GBP/JPY exchange rate reflecting a cautious market sentiment. Following a Financial Times report indicating that Prime Minister Keir Starmer and Chancellor Rachel Reeves have opted against raising income-tax rates ahead of the upcoming budget on November 26, the Pound weakened significantly.
Despite this decline, the 21-day simple moving average is providing some support, suggesting that the upside bias may still hold. Traders will be closely monitoring the key technical levels, as any sustained move below the 21-day SMA could trigger further selling in the GBP/JPY currency pair. Market participants are now assessing the implications of this policy shift on the UK economy and the broader forex landscape.
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Data Source: FX Killer Analysis Team Updated: 2025-11-14 16:24
Disclaimer: This article is for reference only and does not constitute investment advice. Forex trading involves risks; please make decisions carefully.