GBP/JPY Technical Analysis: Risk flows leave bearish trend intact

The GBP/JPY's technical bounce from Tuesday's low is already facing challenges.
Sterling is steeply off of early June's levels as the bearish run accelerates.
Lack of impactful economic data for the GBP ahead of Thursday's BoE rate call leaves market sentiment in control.

Joshua Gibson FXStreet

GBP/JPY Chart, 1-Hour

Spot rate: 144.63
Relative change: -0.23%
High: 144.95
Low: 144.58

Trend: Bearish

Support 1: 144.38 (current week low)
Support 2: 143.80 (61.8% Fibo expansion level)
Support 3: 143.19 (May low)

Resistance 1: 144.95 (current day high, major technical level)
Resistance 2: 145.70 (38.2% Fibo retracement level)
Resistance 3: 147.98 (previous week high)

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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