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GBP/JPY extending losses

FXstreet.com (London) - The pound is continuing to be prodded with the ugly stick and wasn’t able to hold onto yesterdays performance to the crosses 154.60 high.

From the bear’s perspective, GBP/JPY is heading towards 152.00. The pair is testing 153.20 resistance in an overall broad bearish trend from the lows of 152.40. Momentum indicators offer impetus for the bears with hourly MA’s signalling towards lower levels. The dollar crosses are testing 1.5000 in Sterling and has completed an ascending triangle pattern in the Yen, neither look too well for the cross.

In a dollar positive environment, it appears that the pound is suffering with a backdrop of poor sentiment for the economy. With a light calendar for the rest of this week, support is 152.70 and 152.00 and 154.60 as resistance.

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