Investing.com – The pound plummeted to a 2-day low against the yen on Tuesday, erasing recent gains as fresh fears over Greece's debt crisis swept financial markets.
GBP/JPY hit 143.14 during European trade, its lowest since Friday; the pair subsequently consolidated around 143.26, shedding 1.36%. The pair was likely to find support at 139.38, the low of April 19, and resistance at 145.96, Tuesday's high.
Earlier Tuesday, Germany's junior coalition party said Berlin was not certain to back a bailout of Greece, sparking fears that the debt-laden state would not secure aid in time to avert a default.
Sterling's descent against the greenback also came after opinion polls signaled the upcoming U.K. election may produce a coalition government that lacks the political strength to cut Britain's budget deficit.
The pound also tumbled versus the U.S. dollar on Tuesday, with GBP/USD dropping 0.84% to reach 1.5329.
Later in the day, the Conference Board, a research group, was due to publish a closely watched index measuring U.S. consumer confidence. The Federal Reserve chairman, Ben Bernanke, meanwhile, was set to testify before the National Commission on Fiscal Responsibility and Reform in Washington D.C.
GBP/JPY hit 143.14 during European trade, its lowest since Friday; the pair subsequently consolidated around 143.26, shedding 1.36%. The pair was likely to find support at 139.38, the low of April 19, and resistance at 145.96, Tuesday's high.
Earlier Tuesday, Germany's junior coalition party said Berlin was not certain to back a bailout of Greece, sparking fears that the debt-laden state would not secure aid in time to avert a default.
Sterling's descent against the greenback also came after opinion polls signaled the upcoming U.K. election may produce a coalition government that lacks the political strength to cut Britain's budget deficit.
The pound also tumbled versus the U.S. dollar on Tuesday, with GBP/USD dropping 0.84% to reach 1.5329.
Later in the day, the Conference Board, a research group, was due to publish a closely watched index measuring U.S. consumer confidence. The Federal Reserve chairman, Ben Bernanke, meanwhile, was set to testify before the National Commission on Fiscal Responsibility and Reform in Washington D.C.