GBP/JPY slips below 150.00 mark, 4-week lows

   •  Fresh Brexit jitters exerting downward pressure on GBP.
   •  Fading safe-haven demand helps limit deeper losses.

After an initial uptick, the GBP/JPY cross turned lower for the third consecutive session and slipped below the key 150.00 psychological mark in the last hour.

Against the backdrop of Friday's dismal UK GDP growth figures, renewed Brexit jitters, over Irish border issue, kept exerting downward pressure on the British Pound and was seen as one of the key factors behind the pair's fall to its lowest level in nearly 4-weeks. 

Meanwhile, the GBP weakness was partly offset by easing geopolitical tensions in the Korean peninsula, which was seen weighing on the Japanese Yen's safe-haven demand, and might help limit further downside, at least for the time being. 

It would now be interesting to see if the cross is able to attract any buying interest following the recent slump of over 270-pips over the past three trading sessions or bears maintain their dominant position and continue dragging the cross towards testing the very important 200-day SMA support.

Technical levels to watch

Immediate support is pegged near 149.70 area, below which the cross seems all set to aim towards challenging the 149.00 handle (200-DMA). On the upside, the 150.55-65 region might continue to act as an immediate hurdle, which if cleared might trigger a short-covering bounce towards 151.00 round figure mark en-route 151.30-35 supply zone.