GBP/JPY keeps the red below 131.00 mark ahead of BoE

GBP/JPY edged lower on Thursday amid reviving safe-haven demand for the JPY.
Thursday’s key focus will be on the latest monetary policy update by the BoE.

Haresh Menghani FXStreet

The GBP/JPY cross maintained its offered tone through the early European session, albeit managed to recover a bit from daily lows and is currently just bleow the 131.00 mark.

Following the previous rather volatile swings, the cross met with some fresh supply on Thursday and the downtick was sponsored by reviving safe-haven demand for the Japanese yen amid the prevailing cautious mood.

Mounting fears over the economic fallout from the coronavirus pandemic, leading to a global recession, continued weighing on investors' sentiment and the same was evident from a weaker tone around the equity markets.

On the other hand, the British pound was seen digesting the UK government's measures to contain the virus outbreak and the latest UK consumer inflation figures, which were largely offset by Thursday's disappointing UK retail sales data.

With the JPY price dynamics turning out to be an exclusive driver of the pair's momentum on Thursday, market participants now look forward to the latest monetary policy update by the Bank of England for some meaningful impetus.

Technical levels to watch

GBP/JPY

Overview
Today last price	131.17
Today Daily Change	-1.01
Today Daily Change %	-0.76
Today daily open	132.18

Trends
Daily SMA20	133.52
Daily SMA50	139.16
Daily SMA100	140.6
Daily SMA200	137.29

Levels
Previous Daily High	133.4
Previous Daily Low	129.86
Previous Weekly High	132.59
Previous Weekly Low	124.07
Previous Monthly High	144.96
Previous Monthly Low	137.53
Daily Fibonacci 38.2%	132.05
Daily Fibonacci 61.8%	131.21
Daily Pivot Point S1	130.23
Daily Pivot Point S2	128.27
Daily Pivot Point S3	126.68
Daily Pivot Point R1	133.77
Daily Pivot Point R2	135.36
Daily Pivot Point R3	137.31

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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