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7 Sep 2020

GBP/JPY slides back below mid-140.00s, closer to Friday’s swing low

  • GBP/JPY came under some renewed selling pressure on the first day of a new week.
  • Increasing fears of a no-deal Brexit took its toll on the sterling and exerted pressure.
  • Bears might still wait for a break below the 140.00 mark before placing fresh bets.

The offered tone surrounding the British pound dragged the GBP/JPY cross back closer to the key 140.00 psychological mark during the early European session.

The cross failed to capitalize on the previous session's goodish bounce of around 100 pips from one-week lows and met with some fresh supply on the first day of a new trading week. Growing fears of a no-deal Brexit took its toll on the sterling, which eventually turned out to be one of the key factors exerting pressure on the GBP/JPY cross.

Ahead of a crucial round of post-Brexit trade talks with the European Union, British Prime Minister Boris Johnson appeared before the media late Sunday and set a deadline of October 15 to strike a free-trade deal. Johnson further said the Britain could walk away from the talks within weeks and that a no-deal exit would be a good outcome for the UK.

Separately, the UK Brexit negotiator David Frost said on Sunday Britain was not scared of a no-deal exit at the end of the year. Frost's EU counterpart, Michel Barnier also raised concerns about Brexit negotiations and blamed that the UK wants the best of both worlds. The not so comforting Brexit-related headlines continued undermining the pound.

On the other hand, a cautious mood around the global equity markets benefitted the safe-haven Japanese yen and further contributed to the GBP/JPY pair's downfall. However, bearish traders are likely to wait for some strong follow-through selling below the 140.00 mark before positioning for any further near-term depreciating move.

Technical levels to watch

 

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