GBP/JPY Technical Analysis: Path of least resistance is to the downside despite bull RSI divergence

• The immediate bearish outlook on the GBP/JPY remains intact despite the bullish divergence of the relative strength index (RSI) seen in the hourly chart.
• Only an upside break of the falling trendline would open the doors to minor intraday rally.

Hourly chart

Spot Rate: 144.67

Daily High: 144.74

Daily Low: 144.48

Trend: Bearish

Resistance

R1: 144.51 (previous day’s low)

R2: 144.00 (zero figure)

R3: 143.77 (June 28 low)

Support

S1: 145.26 (July 30 low)

S2: 145.74 (10-day moving average)

S3: 146.29 (50-day moving average)