GBP/JPY Technical Analysis: Path of least resistance is to the downside despite bull RSI divergence

The immediate bearish outlook on the GBP/JPY remains intact despite the bullish divergence of the relative strength index (RSI) seen in the hourly chart.
Only an upside break of the falling trendline would open the doors to minor intraday rally.

Omkar Godbole FXStreet Contributor

Hourly chart

Spot Rate: 144.67

Daily High: 144.74

Daily Low: 144.48

Trend: Bearish

Resistance

R1: 144.51 (previous day's low)

R2: 144.00 (zero figure)

R3: 143.77 (June 28 low)

Support

S1: 145.26 (July 30 low)

S2: 145.74 (10-day moving average)

S3: 146.29 (50-day moving average)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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