GBP/JPY hangs near multi-month lows, around mid-138.00s

   •  Persistent Brexit uncertainties continue to weigh on the British Pound.
   •  Deteriorating risk sentiment underpins JPY’s relative safe-haven demand.
   •  Near-term oversold conditions helped limit the downside, at least for now.

The GBP/JPY cross traded with a mild negative bias through the mid-European session and refreshed multi-month lows, albeit lacked any strong bearish conviction.

The cross continued with its struggle to register any meaningful recovery and remained depressed amid persistent weakness surrounding the British Pound, which remained depressed on the back of the UK political uncertainty and growing concerns over a no-deal split. 

This coupled with a slight deterioration in the global risk sentiment, as depicted by a weaker trading sentiment around equity markets, provided a modest boost to the Japanese Yen's relative safe-haven status and further collaborated to the pair's mildly offered tone.

The downside, however, remained cushioned as investors now seemed reluctant to place any aggressive bets, rather preferred to wait on the sidelines amid highly oversold conditions and absent relevant market moving economic releases from the UK. 

Technical levels to watch