GBP/JPY Technical Analysis: bearish divergence in hourly chart, could create double top

• The pair is creating a double top pattern with neckline support at 147.50, the hourly chart shows.
• A break below 147.50 would allow a drop to 147.00 (target as per the measured height method).
• The chart also shows a bearish price-relative strength index (RSI) divergence.

Hourly chart

Spot rate: 147.66

Daily high: 148.00

Daily low: 147.50

Trend: bearish below 147.50

Resistance

R1: 148.00 (daily high)

R2: 149.15 (50-day moving average)

R3: 150.00 (May 18 high)

Support

S1: 147.50 (double top neckline)

S2: 149.15 (5-day moving average)

S3: 145.19 (10-day moving average)