GBP/JPY consolidates around 153.00 amid strong US dollar

 GBP/JPY consolidates around 153.00 amid strong US dollar
  • GBP/JPY stays around a multi-week low 153.00 amid risk-averse sentiment.
  • Japan’s PPI rose to 0.3%, rising past market expectations. 
  • The pairs look for impetus from UK GDP data for momentum.

GBP/JPY snaps its downtrend, trading around 153.00 during the Asian session on Thursday. The cross takes a cue from US inflation data over the domestic issues in the UK and Japan. 

The pair managed to stop its erosion from November 4 highs, attempting a tepid bounce amid a cautious market mood, The preliminary estimate of Q3 UK GDP data due later this Wednesday can provide the impetus to the pair. 

Meanwhile, the Brexit drama and the subsequent trade war still brew, with the UK on the cusp of escalating tensions with the EU and even putting the post-Brexit trade deal at risk if it opts to trigger Article 16 of the Northern Ireland Protocol (which allows either side to unilaterally suspend parts of the agreement…

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