GBP/JPY rangebound below 131.00 on flat trade

GBP/JPY is extending its consolidative theme below the 131.00 handle on Monday, retracing the initial bull run to 131.20.

GBP/JPY unchanged on GDP figures

The cross keeps the narrow range at the beginning of the trading week, still unable to gather any upside traction so far this month against the backdrop of thin volatility and fragile prospects for the British pound.

Earlier in the Asian session, Japanese advanced GDP figures showed the economy is expected to expand at an annualized 0.2% in Q2 and to come in flat inter-quarter. In the UK’s data space, next relevant releases will be July’s inflation figures (Tuesday).

GBP/JPY key levels

As the moment the cross is advancing 0.07% at 130.87 and a break above 135.12 (20-day sma) would expose 143.25 (high Jul.15) and finally 144.50 (50% Fibo of post-Brexit down move). On the other hand, the immediate support aligns at 130.00 (psychological level) and then 128.77 (2016 low Jul.6).