Sterling is under pressure against the yen and the dollar today
Against the yen, the pound looks to be breaking below the 50.0 retracement level @ 149.96 at the moment and in doing so looks to be heading towards a test of the trendline support from August last year.
That level held up the pair in early May, but buyers continue to find it difficult to break above the 200-day MA (blue line) since then. If the trendline support gives way, it opens up for further pain towards the downside to the 61.8 retracement level @ 145.92 in GBP/JPY.
The risk for the pound is the upcoming inflation data due at 0830 GMT.
Apart from that, we're also seeing GBP/USD break lower and looks to be finding a firm hold below the 50.0 retracement level @ 1.3429. The low today so far touched 1.3386 and that's the lowest level since 27 December.
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