• GBP/JPY remains under some selling pressure for the second straight day on Friday. 
• BoE Governor Bailey’s dovish remarks on Thursday continue to undermine the GBP.
• Geopolitical risks benefit the safe-haven JPY and further exert pressure on the cross.
• The BoJ rate hike uncertainty cap gains for the JPY and limits losses for spot prices. 

The GBP/JPY cross finds some near the 191.70 region on Friday and for now, seems to have stalled the overnight sharp pullback from a one-week high – levels beyond the 195.00 psychological mark. Spot prices, however, remain in negative territory for the second straight day and currently trade just below mid-192.00s, down nearly 0.25% for the day.

The British Pound (GBP) continues to be undermined by the overnight dovish remarks by the Bank of England (BoE) Governor Andrew Bailey, saying that there was a chance that the central bank could become a bit more aggressive in cutting rates if there's further good news on inflation. Furthermore, geopolitical risks stemming from the ongoing conflicts in the Middle East drive some haven flows towards the Japanese Yen (JPY) and contribute to the offered tone surrounding the GBP/JPY cross. 

Meanwhile, Asahi Noguchi, a dovish Bank of Japan (BoJ) board member said on Thursday that the central bank has scope to raise interest rates further but must move cautiously and slowly to avoid hurting the economy. This, in turn, further underpins the JPY, though the uncertainty over future interest rate hikes by the BoJ limits the downside for the GBP/JPY cross. Japan's new Prime Minister Shigeru Ishiba said this week that Japan is not in an environment for an additional rate increase.