GBP/JPY can't pull away from the 152 handle ahead of the UK GDP figures

• The Sterling is faltering somewhat ahead of the UK's GDP showing.
• The pair's bull run from March's low is beginning to come under fire as traders hesitate on the GBP.

The GBP/JPY is chopping in Asia, trading around the 152.00 major handle.

The Sterling slid yesterday after climbing to 152.72 against the Yen, slipping back into the 152.00 handle as Brexit coupled with softening data from within the UK continue to pull the Sterling off of its bullish moorings.

The pair see-sawed in early Friday trading after the Bank of Japan (BoJ) released their latest interest rate decision and outlook,  dropping any mention of a specific timeframe for the Japanese economy to reach 2% inflation from their notes, and the BoJ looks set to continue on their current pace into the indefinite future. The Yen spiraled on the news but recovered quickly, and the pair is sticking to the day's ranges.

Friday sees the UK's preliminary quarterly GDP figures at 08:30 GMT, and the kingdom's economy is expected to expand by only 0.3% in 2018's Q1, a slight contraction of the previous figure of 0.4%. After a rash of disappointing macro figures for the UK, faith is beginning to dissipate that the Bank of England will be able to get a May rate hike off the ground, and traders will be keeping a close eye on the GDP numbers.

GBP/JPY Levels to watch

While the bull trend may have priced in a higher low from 150.70, the current action is suggesting a continued bearish correction, and the challenge for bears will be to carry the pair back into the last swing low to challenge further resistance from the 200-day SMA at the 149.00 major handle, while bulls will be looking to muscle the pair back over 152.70 to challenge the last high at 153.85.