• Persistent Brexit-related uncertainties continue to weigh on the British Pound.
  • Upbeat UK wage growth figures did little to lend support or stall the downfall. 
  • The focus now shifts to a scheduled speech by the BoE Governor Mark Carney.

The GBP/JPY cross remained heavily offered through the early European session and dropped to fresh six-month lows, around mid-134.00s in the last hour. 

The cross extended last week's rejection slide from the 136.00 round figure mark and remained under some selling pressure for the third consecutive session on Tuesday amid persistent Brexit-related uncertainties.

Adding to this, the prevalent cautious mood around equity markets further boosted the Japanese Yen's relative safe-haven status and collaborated to the pair's ongoing slide to the lowest level since early-January.

Meanwhile, Tuesday's upbeat release of UK average earnings data might extend some support to the British Pound and turned out to be the only factor helping ease the bearish pressure, at least for the time being.

However, given that the cross has already found acceptance below the key 135.00 psychological mark, any attempted bounce might now be seen as a selling opportunity and hence, runs the risk of fizzling out rather quickly.

Moving ahead, the BoE Governor Mark Carney's scheduled speech might influence market expectations about the central bank's monetary policy outlook and produce some fresh short-term trading opportunities.

Technical levels to watch

GBP/JPY

Overview
Today last price 134.7
Today Daily Change -0.37
Today Daily Change % -0.27
Today daily open 135.07
 
Trends
Daily SMA20 136.14
Daily SMA50 137.99
Daily SMA100 141.99
Daily SMA200 142.74
Levels
Previous Daily High 135.85
Previous Daily Low 134.94
Previous Weekly High 136.29
Previous Weekly Low 135.08
Previous Monthly High 138.33
Previous Monthly Low 135.37
Daily Fibonacci 38.2% 135.29
Daily Fibonacci 61.8% 135.5
Daily Pivot Point S1 134.73
Daily Pivot Point S2 134.38
Daily Pivot Point S3 133.82
Daily Pivot Point R1 135.63
Daily Pivot Point R2 136.19
Daily Pivot Point R3 136.54

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD remains unnerved above 0.6900 amid US-Sino woes, Aussie data

AUD/USD remains unnerved above 0.6900 amid US-Sino woes, Aussie data

AUD/USD is holding steady above 0.6900, consolidating the bounce amid the upbeat Australian Retail Sales data. The Aussie remains unnerved by the looming US-China tensions, with Chinese stocks down over 1% so far. Pre-RBA anxiety also keep AUD bulls on the edge. 

AUD/USD News

USD/JPY pares gains below 132.00 amid chatters over potential BoJ Governor

USD/JPY pares gains below 132.00 amid chatters over potential BoJ Governor

USD/JPY is reversing the opening gap that hit a high near 132.50 in Asia this Monday. The Japanese yen remains heavy amid mixed chatter over a potential new BoJ Governor. A pullback in the US Dollar is also dragging the pair lower amid risk aversion. 

USD/JPY News

Gold bounces off $1,860 support amid Fed, China concerns

Gold bounces off $1,860 support amid Fed, China concerns

Gold price (XAU/USD) consolidates the recent losses as it prints mild gains around $1,875 during early Monday, printing the first positive day in three around the one-month low. The precious metal cheers the US Dollar’s inability to stay firmer ahead of this week’s key events.

Gold News

Why Bitcoin is still in a bear market and what this means for BTC price

Why Bitcoin is still in a bear market and what this means for BTC price

Bitcoin is currently in a bear market, according to analysts, despite the massive rally of January. The selling pressure on the asset has reduced, with miner inflow to exchanges declining to multi-year lows. Despite the bullish catalysts, analysts are waiting a year post the 2022 bear market rally to conclude that the bearish phase is now behind us. 

Read more

Week Ahead – RBA next to hike

Week Ahead – RBA next to hike

After the past week’s central bank bonanza, things will quieten down in the coming days, although not completely, as the Reserve Bank of Australia will keep the rate hike theme running.

Read more

Forex MAJORS

Cryptocurrencies

Signatures