GBP/JPY weakens below 151.00 handle, back closer to weekly lows

   •  Dismal UK GDP growth figures prompt aggressive GBP selling.
   •  Fading safe-haven demand does little to stall the downfall. 
   •  Carney’s scheduled speech eyed for some immediate respite.

The GBP/JPY cross extended previous session's retracement slide from 1-week tops and has now weakened back below the 151.00 handle.

The British Pound came under some intense selling pressure on Friday following the release of disappointing UK GDP figures, showing a tepid q-o-q growth of 0.1% during the first quarter of 2018. The yearly rate also fell short of consensus estimates and further dampened BOE rate hike prospects, all against the backdrop of last week's dovish surprise by the BOE Governor Mark Carney.

Meanwhile, the market seems to have digested today's BOJ monetary policy decision, with the prevalent risk-on mood weighing on the Japanese Yen's safe-haven demand but doing little to stall the pair's bearish slide to the lower end of its weekly trading range.

Later during the NA session, the BOE Governor Mark Carney's scheduled speech would grab all the attention and would now be a key determinant of the GBP price dynamics until next MPC meeting on May 10. 

Technical levels to watch

Immediate support is pegged near 150.70-65 area, below which the downfall could get extended towards the key 150.00 psychological mark. On the upside, any recovery attempts back above the 151.00 handle might now confront fresh supply near mid-151.00s, which if cleared might prompt some short-covering bounce back towards the 152.00 handle.