GBP/JPY tumbles back closer to multi-week lows

   •  Latest UK political developments weighing on the British Pound.
   •  Reviving safe-haven demand adding to the downward pressure.
   •  Break below 148.50 to confirm a fresh bearish break.

The GBP/JPY cross came under some renewed selling pressure Monday and has now moved on the verge of breaking below last week's 3-week lows.

With investors looking past Friday's upbeat UK industrial production and trade balance data, the latest UK political headlines kept the GBP bulls on the defensive at the start of a new trading week. 

News article from The Times reported that 40 Conservative MPs are set to challenge Theresa May's leadership by signing a letter of no confidence and prompted some fresh selling around the British Pound. 

   •  Forex Today: GBP dumped in Asia on UK politics, a quiet session ahead

Adding to this, deteriorating investors' appetite for riskier assets, as depicted by cautious sentiment around equity markets, provided an additional boost the Japanese Yen's safe-haven appeal and further collaborated to the pair's slide back to the 148.50-45 zone.

From a technical perspective, a decisive break below the mentioned support would open room for additional bearish slide, amid empty UK economic docket.

Technical levels to watch

A follow-through selling pressure has the potential to continue dragging the cross towards the 148.00 handle en-route 147.75-70 area and 147.20-15 support. On the upside, any recovery attempts might now confront fresh supply near the 149.00 handle, above which the cross could aim towards surpassing 149.65-70 intermediate hurdle and head towards conquering the key 150.00 psychological mark.