TD trade of the week: Sell GBP/JPY

GBP/JPY falls today

GBP/JPY falls today

TD recommends selling GBP/JPY with a target of 146.40 and a stop at 154.05.

“The UK’s relationship with Europe took another hit over the weekend after the EU threatened to block vaccine exports,” TD notes.

“We think these tensions could weigh increasingly on sentiment towards the pound. Sterling has outperformed most other G10 currencies this year on the basis of its successful vaccine rollout. Further progress here looks to slow dramatically.”

The pair is down 115 pips to 149.75 today.

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