GBP/JPY hammered down to 131.00 neighborhood, lowest since Nov. 2016

Persistent fears of a no-deal Brexit continue to dent sentiment surrounding the British Pound.
The BoE's Super Thursday turns out to be a non-event and does little to provide any respite.
Reviving safe-haven demand benefitted the JPY and further collaborated to the bearish pressure.

Haresh Menghani FXStreet

The selling pressure around the British Pound picked up the pace in the last hour, with the GBP/JPY cross tumbling to the 131.00 neighbourhood - its lowest level since Nov. 2016

The cross extended the overnight rejection slide from the 133.00 handle and remained under some heavy selling pressure on Thursday - marking its fourth day of steep declines in the previous four.

The British Pound remained depressed on the back of persistent fears of a no-deal Brexit and Thursday's BoE monetary policy update also turned out to be a rather non-event from the GBP trader.

This coupled with reviving safe-haven demand provided an additional boost to the Japanese Yen, coupled with some technical selling below 132.00 further aggravated the intraday bearish pressure.

The pair has now dropped below the early-January swing lows support near mid-131.00s and hence, a subsequent drop towards challenging the key 130.00 psychological mark now looks a distinct possibility.

Technical levels to watch

GBP/JPY

Overview
Today last price	131.27
Today Daily Change	-0.98
Today Daily Change %	-0.74
Today daily open	132.25

Trends
Daily SMA20	134.73
Daily SMA50	136.22
Daily SMA100	140.45
Daily SMA200	141.96

Levels
Previous Daily High	133
Previous Daily Low	131.84
Previous Weekly High	135.68
Previous Weekly Low	134.24
Previous Monthly High	137.8
Previous Monthly Low	131.61
Daily Fibonacci 38.2%	132.56
Daily Fibonacci 61.8%	132.28
Daily Pivot Point S1	131.73
Daily Pivot Point S2	131.2
Daily Pivot Point S3	130.57
Daily Pivot Point R1	132.89
Daily Pivot Point R2	133.52
Daily Pivot Point R3	134.05

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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