GBP/JPY goes crazy as cable stops triggered
The entire planet has known forever that political grandstanding would continue up until the last possible minute and then a deal would get done.
Despite this we are seeing some super-silly moves in very illiquid markets with GBP/JPY now top-of-the-pops. Cable tripped stops above 1.6315 and has finally halted near 1.6385 and USD/JPY is also higher, trading up to 87.20.
This move reeks of panic buying in illiquid markets but there’s no point trying to get involved just yet.