GBP/JPY plummets to fresh 6-month lows, below mid-134.00s


  • 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

 

 

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