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The British Pound (GBP) trades on the back foot against the Japanese Yen (JPY) on Friday after the Pound weakened broadly following a Financial Times report that Prime Minister Keir Starmer and Chancellor Rachel Reeves have abandoned plans to raise income-tax rates ahead of the November 26 budget.
💡 DMK Insight
The GBP’s decline against the JPY signals potential volatility ahead of the upcoming budget announcement. With Starmer and Reeves scrapping tax hikes, the market’s reaction shows skepticism about the government’s fiscal strategy. Traders should keep an eye on the GBP/JPY pair, especially if it tests key support levels. A sustained break below recent lows could trigger further selling pressure. On the flip side, if the budget reveals unexpected fiscal measures, we might see a sharp reversal. Watch for the market’s reaction post-announcement on November 26, as it could set the tone for GBP’s trajectory against other currencies as well.
📮 Takeaway
Monitor the GBP/JPY pair closely; a break below recent lows could signal further downside ahead of the November 26 budget.
