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GBP/JPY Technical Analysis: Bearish breakdown to sub-141.00 level looks imminent

   •  The cross remained under some selling pressure for the fifth consecutive session and has now dropped back closer to near 4-month lows set last week.

   •  Barring a knee-jerk spike earlier this week, the recent downfall over the past four sessions has been along a descending channel on the 1-hourly chart. 

   •  Technical indicators have been gaining negative momentum and are still far from being in the oversold zone, supporting prospects for more downside.

   •  Moreover, the fact that the cross remains well below important intraday moving averages - 50, 100 & 200-hour SMA, add credence to the bearish outlook.

   •  A convincing breakthrough the trend-channel support now seems to pave the way for an extension of the downward trajectory towards sub-141.00 level.

GBP/JPY 1-hourly chart


    Today Last Price: 141.45
    Today Daily change: -59 pips
    Today Daily change %: -0.415%
    Today Daily Open: 142.04
    Previous Daily SMA20: 143.81
    Previous Daily SMA50: 145.28
    Previous Daily SMA100: 145.19
    Previous Daily SMA200: 146.66
    Previous Daily High: 142.54
    Previous Daily Low: 141.58
    Previous Weekly High: 143.94
    Previous Weekly Low: 141.18
    Previous Monthly High: 149.5
    Previous Monthly Low: 144.02
    Previous Daily Fibonacci 38.2%: 141.95
    Previous Daily Fibonacci 61.8%: 142.17
    Previous Daily Pivot Point S1: 141.57
    Previous Daily Pivot Point S2: 141.09
    Previous Daily Pivot Point S3: 140.61
    Previous Daily Pivot Point R1: 142.53
    Previous Daily Pivot Point R2: 143.02
    Previous Daily Pivot Point R3: 143.49


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