GBP/JPY holds steady near mid-141.00 post-UK CPI

Haresh Menghani FXStreet

• Headline UK CPI matches consensus estimates, flat m/m reading fails to impress.
• Brexit uncertainties offset fading safe-haven demand and do little to provide an impetus.

The GBP/JPY cross struggled to build on an early uptick and is currently placed in neutral territory, around the 141.40 region post-UK consumer inflation figures.

After yesterday's good two-way price-action, the regained some positive traction on Wednesday and was being supported by fading safe-haven demand amid easing concerns the about Turkey's financial crisis.

The uptick, however, lacked any strong follow-through despite mostly in-line UK CPI print, coming in to show an uptick to 2.5% y/y in July as compared to 2.4% recorded in the previous month.

Conversely, a flat m/m reading seems to be the only factor failing to impress the bulls, with rising prospects for a no-deal Brexit further contributing towards keeping a lid on any meaningful up-move for the British Pound.

With today's key UK macro data out of the way, broader market risk sentiment might now turn out to be an exclusive driver of the pair's momentum through Wednesday's trading session.

Technical levels to watch

The 141.00 handle seems to act as an immediate support, which if broken is likely to accelerate the fall towards 140.75-70 intermediate support before the cross eventually aims towards challenging the key 140.00 psychological mark.

On the upside, the 142.00 handle, followed by overnight swing highs, around near the 142.45-50 region, might prompt some fresh selling, above which a bout of short-covering could lift the cross beyond the 143.00 round figure mark.

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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