GBP/JPY Technical Analysis: Bearish continuation pattern spotted on hourly charts

   •  The cross extended its sideways consolidative price action and remained well within the striking distance of near two-week lows, forming a rectangular chart pattern on hourly charts.

   •  Given last week's break below 2-1/2-month-old ascending trend-line support, the rectangle might still be categorized as a continuation pattern and marks a pause in the recent bearish trend.

   •  Meanwhile, technical indicators on 4-hourly/daily charts maintained their mildly bearish bias and support prospects for further near-term depreciating move amid renewed Brexit jitters.

   •  A convincing break below 50-day SMA support near mid-144.00s will reinforce the bearish outlook and turn the pair vulnerable to accelerate the downfall towards 143.75-70 support zone.

GBP/JPY 4-hourly chart


Today last price 145.53
Today Daily Change 0.45
Today Daily Change % 0.31
Today daily open 145.08
Daily SMA20 146.78
Daily SMA50 144.38
Daily SMA100 143.6
Daily SMA200 144.64
Previous Daily High 145.81
Previous Daily Low 144.63
Previous Weekly High 148.39
Previous Weekly Low 144.13
Previous Monthly High 148.28
Previous Monthly Low 141.01
Daily Fibonacci 38.2% 145.08
Daily Fibonacci 61.8% 145.36
Daily Pivot Point S1 144.54
Daily Pivot Point S2 144
Daily Pivot Point S3 143.37
Daily Pivot Point R1 145.71
Daily Pivot Point R2 146.34
Daily Pivot Point R3 146.88


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