Pound selling gathered pace in Asia, pushing the GBP/JPY cross to a fresh 4-year low of 130.98 levels on fears of recession in the UK.Gilts pricing-in a UK recessionThe 10-year UK gilt hit a record low of 0.774% on Tuesday after poor UK service sector data and as the Bank of England’s Financial Stability Report signaled challenging times ahead.Consequently, the bid tone around the safe haven Japanese Yen strengthened as well. Meanwhile, markets also believe the Bank of England would cut rates this summer and that is adding to the bearish pressure around Sterling. The cross currently trades around 131.15.GBP/JPY Technical LevelsA breakdown of support at 130.78 (May 2012 high) would expose psychological support at 130.00. A violation there would open doors for a drop to 127.34 (Oct 2011 high). On the other hand, major resistance is seen at 131.98 (hourly chart resistance), above which prices could target 133.33 (hourly chart hurdle). A break higher could yield a re-test of hourly 50-MA located now at 134.85.