GBP/JPY technical analysis: Intraday pullback shifts near-term bias back in favour of bearish traders

The GBP/JPY cross witnessed a dramatic intraday turnaround from weekly tops - levels beyond the 137.00 handle and dropped to fresh session lows in the last hour.
The cross struggled to find acceptance above 200-hour SMA and started retreating from resistance marked by 61.8% Fibonacci level of the 138.24-135.38 recent decline.

Haresh Menghani FXStreet

The pair’s inability to capitalize on this week’s attempted recovery from multi-month lows clearly suggest that the near-term bearish pressure might still be far from over amid growing fears of a no-deal Brexit.

Meanwhile, technical indicators on the daily chart maintained their bearish bias and have already started losing positive momentum on hourly charts, adding credence to the near-term negative outlook for the cross.

However, the intraday slide seems to have found some support near the 136.40 region, which if broken will set the stage for the resumption of the well-established bearish trend and drag the cross towards retesting sub-136.00 level.

A follow-through selling has the potential to drag the cross further towards the recent swing lows, around the 135.40-35 region en-route the key 135.00 psychological mark.

GBP/JPY 1-hourly chart

GBP/JPY

Overview
Today last price	136.58
Today Daily Change	-0.07
Today Daily Change %	-0.05
Today daily open	136.65

Trends
Daily SMA20	137.58
Daily SMA50	141.32
Daily SMA100	143.24
Daily SMA200	143.81

Levels
Previous Daily High	137.02
Previous Daily Low	135.78
Previous Weekly High	138.33
Previous Weekly Low	136.51
Previous Monthly High	146.52
Previous Monthly Low	136.63
Daily Fibonacci 38.2%	136.55
Daily Fibonacci 61.8%	136.25
Daily Pivot Point S1	135.95
Daily Pivot Point S2	135.25
Daily Pivot Point S3	134.71
Daily Pivot Point R1	137.18
Daily Pivot Point R2	137.72
Daily Pivot Point R3	138.42

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.