GBP/JPY Technical Analysis: Set-up remains in favor of bearish traders ahead of UK macro data/Brexit vote

Haresh Menghani FXStreet

• Despite the recent Brexit drama, the cross has been finding some support ahead of the 144.00 handle and has also managed to defend monthly lows.

• However, given the recent break below 2-1/2-month-old ascending trend-line support, the technical set-up seems to have shifted in favor of bearish traders.

• The overnight slide below 50-day SMA for the first time since late-Jan. points to increasing selling bias and adds credence to the near-term negative outlook.

• Oscillators on the daily chart have just started gaining negative momentum and hence, a sustained breakthrough the 143.75-70 region might prompt some additional selling.

• Below the mentioned support, the cross is likely to turn vulnerable to accelerate the slide further towards 143.30 intermediate support en-route the 143.00 handle.

GBP/JPY daily chart

GBP/JPY

Overview
Today last price	144.25
Today Daily Change	-0.05
Today Daily Change %	-0.03
Today daily open	144.3

Trends
Daily SMA20	146.49
Daily SMA50	144.65
Daily SMA100	143.49
Daily SMA200	144.64

Levels
Previous Daily High	145.98
Previous Daily Low	144.23
Previous Weekly High	148.39
Previous Weekly Low	144.13
Previous Monthly High	148.28
Previous Monthly Low	141.01
Daily Fibonacci 38.2%	144.9
Daily Fibonacci 61.8%	145.31
Daily Pivot Point S1	143.69
Daily Pivot Point S2	143.09
Daily Pivot Point S3	141.94
Daily Pivot Point R1	145.44
Daily Pivot Point R2	146.59
Daily Pivot Point R3	147.19

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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