GBP/JPY technical analysis: Rebounds to 23.6% Fibo./descending channel confluence hurdle

The GBP/JPY cross stalled its recent bearish trajectory and staged a modest rebound from multi-month lows, snapping three consecutive days of losing streak.
The recovery helped the cross to defend a support marked by the lower end of a short-term descending trend-channel held over the past three trading sessions.

Haresh Menghani FXStreet

The top end of the mentioned trend-channel coincides with 23.6% Fibonacci retracement level of the 138.33-136.48 recent slide, which should now act as a key pivotal point for short-term traders and supporting prospects for any further recovery.

Meanwhile, technical indicators on the 1-hourly chart have managed to recover from the negative territory but maintained their bearish bias on 4-hourly/daily charts, warranting some caution before placing any aggressive bullish bets.

Hence, it would be prudent to wait for a sustained move beyond the mentioned confluence hurdle, above which the cross seems all set to accelerate the up-move further towards another confluence resistance near the 137.40-45 region.

The said hurdle comprises of 100-hour SMA and 50% Fibonacci retracement level and might keep a lid on any subsequent up-move ahead of Tuesday’s second vote for the Tory leadership and growing fears of a no-deal Brexit.

GBP/JPY 1-hourly chart

GBP/JPY

Overview
Today last price	136.8
Today Daily Change	0.14
Today Daily Change %	0.10
Today daily open	136.66

Trends
Daily SMA20	138.14
Daily SMA50	141.86
Daily SMA100	143.45
Daily SMA200	143.95

Levels
Previous Daily High	137.44
Previous Daily Low	136.51
Previous Weekly High	138.33
Previous Weekly Low	136.51
Previous Monthly High	146.52
Previous Monthly Low	136.63
Daily Fibonacci 38.2%	136.87
Daily Fibonacci 61.8%	137.08
Daily Pivot Point S1	136.3
Daily Pivot Point S2	135.94
Daily Pivot Point S3	135.37
Daily Pivot Point R1	137.23
Daily Pivot Point R2	137.8
Daily Pivot Point R3	138.16

Author

Haresh Menghani

FXStreet

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

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