GBP/JPY revisits sub-139.00 levels on Yen strength

The bid tone around Japanese Yen gathered pace in Asia amid moderate risk-off action in equities, pushing the GBP/JPY cross back below 139.00 levels. 

The cross clocked a session high of 139.14 levels earlier today and was last trading just below 139.00 handle. 

British PM Theresa May suffers second Brexit Bill defeat

British Prime Minister Theresa May has suffered a second Brexit bill defeat in the House of Lords. The longer it takes for PM May to begin the Brexit process, bigger would be the uncertainty and that is not good for the British Pound. 

Moreover, Pound loves the cold hard facts about Brexit, hence it is essential that Brexit process begins without further delay. 

GBP/JPY Technical Levels

A break below 138.54 (Feb 7 low) would open up downside towards 138.00 (zero figure), under which the losses could be extended to 137.27 (Nov 23 low). On the other hand, a break above 139.14 (session high) would expose 139.41 (Feb 24 low) and 140.00 (zero figure) levels.