- The bearish divergence of the hourly chart relative strength index (RSI) and the overbought conditions reported by the 4-hour chart RSI indicate the GBP/JPY pair may have a tough time scaling the key resistance at 145.72 (61.8 percent Fibonacci retracement of 149.31/139.90) in the next 24 hours or so.
- The overall outlook remains bullish as long as the 5-day and 10-day moving averages (MAs) are trending north.
Hourly Chart
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Spot Rate: 145.55
Daily High: 145.69
Daily Low: 145.38
Trend: Pullback likely
R1: 145.72 (61.8 percent Fibonacci retracement)
R2: 146.00 (psychological hurdle)
R3: 146.62 (100-day moving average)
Support
S1: 145.38 (session low)
S2: 144.92 (50-day moving average)
S3: 144.39 (June 19 low)
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