GBP/JPY extends disappointing UK PMI-led slide further below 140.00 mark

The selling pressure around the British Pound remains unabated, with the GBP/JPY cross reversing previous session's tepid gains and drop back below the 140.00 handle.

Currently trading around 139.70-65 region, testing session lows, the cross ran through some fresh offers after UK services PMI print missed consensus expectations and dropped to a 5-month low level of 53.3 during February. The reading was weaker than market estimates pointing to a reading of 54.1 and worse than previous month's 54.5. 

Today's disappointing data added on to the bearish sentiment surrounding the British Pound, against the backdrop of renewed Brexit worries after the House of Lords, earlier this week voted to amend the Brexit bill. 

Meanwhile, a mildly cautious market sentiment, as depicted by negative trading sentiment surrounding European equity markets and sliding bond yields, supported the Japanese Yen's safe-haven appeal and is further collaborating to the pair's downslide on the last trading day of the week.

Despite of today's downslide, the cross remains within near-term consolidative trading range and holds comfortably above the very important 200-day SMA, challenged during the early part of this week. 

Technical levels to watch

A follow through selling pressure below 139.50 level is likely to accelerate the slide back towards retesting 200-day SMA support near 139.00 round figure mark ahead of 138.70-60 horizontal support. On the flip side, momentum back above the 140.00 handle, leading to a subsequent strength above 140.25 level, now seems to lift the cross beyond 140.75 resistance area towards its next major hurdle near 141.20-25 region.