The GBP/USD pair was making ground yesterday before hitting a stiff resistance wall at US$1.133.
Ultimately, amid chaos in the UK parliament, the pound had any gains chipped away, and this morning’s Asia trading hours have further extended these losses.
As of now, cable is over 40 pips down against the day and is changing hands at US$1.11.
The dollar’s strength remains resolute against the pound
Somewhat worryingly, the pound is trading 0.28% lower against the embattled Japanese yen after similarly hitting a resistance wall at 169.
GBP/JPY is now sitting slightly above the 168 yen price point, while the Japanese government continued to weigh up an intervention into the Bank of Japan’s ultra-loose monetary policy.
On that note, the US dollar remains at a 32-year high of 150 yen.
Less surprising is Sterling's shoddy performance against the Euro in a continuation of recent trends.
The EUR/GBP pair is now trading at an eight-day high of 87.2p.
The euro remains in a broader downtrend against the US dollar and remains under parity at US$0.97.
But there does seem to be some consolidation forming at the price point, with the one-hour chart showing a sideways trade, at least in the short term.
The euro is unlikely to regain parity in the short term
The Australian dollar is changing hands at US$0.626 after dipping 0.33% overnight.
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