GBPJPY

The GBP/JPY cross dropped to near three-week lows, around the 150.85-80 region in the last hour, albeit quickly recovered few pips thereafter.

The cross extended the previous day's dramatic pullback from the 152.85 area, or one-month tops and witnessed heavy selling for the second consecutive session on Wednesday. The downfall was exclusively sponsored by a strong pickup in demand for the safe-haven Japanese yen, though bulls showed some resilience below the 151.00 round-figure mark.

Investors remain worried about the fast-spreading Delta variant of the coronavirus and a global economic slowdown. The concerns were further fueled by disappointing Chinese macro data, which underscored recent signs of slackening economic momentum in the world's second-largest economy. This, in turn, underpinned traditional safe-haven assets.