GBP/JPY hammered below 141.00 handle post-BoE

The GBP/JPY cross tumbled below 141.00 handle in the aftermath of downbeat BoE's Quarterly Inflation Report (QIR). 

In its latest QIR, BoE lowered its outlook for inflation, which attracted intense selling pressure around the British Pound across the board, despite of improved GDP growth forecasts. Moreover, dovish comments from BoE Governor Mark Carney, saying that there was scope for further monetary easing, aggravated the selling pressure.

Meanwhile, the prevalent cautious market sentiment continued boosting the Japanese Yen's safe-haven demand, with the USD/JPY major sliding to fresh two-month lows, was also seen collaborating to the pair's sharp slide. 

With the much awaited BoE Super Thursday out of the way, broader market risk-sentiment would now be a key determinant of the pair's movement ahead of UK services PMI on Friday, against the backdrop of dovish BoE.

Technical levels to watch

Immediate support on the downside is seen at the very important 200-day SMA, near 140.50-45 region, below which the cross is likely to break through 140.0 psychological mark and head towards testing 139.00 round figure mark.

On the upside, any recovery above 141.35 level might now confront resistance near 142.00 round figure mark ahead of 142.20-25 region.