“¢ After filling the weekly bearish gap, the cross met with some fresh supply near the very important 200-day SMA and tumbled to over one-week lows in the last hour.
“¢ A combination of negative factors – renewed Brexit uncertainties and reviving safe-haven demand, prompted some aggressive selling at the start of a new trading week.
“¢ A sustained break below the 147.00-90 region, marking 38.2% Fibonacci retracement level of the 142.77-149.49 recent upsurge was seen as a key trigger for the bearish traders.
“¢ Technical indicators on hourly charts have drifted into oversold conditions and thus, warrant some intraday consolidation before the next leg of near-term downfall.
“¢ However, indicators on the daily chart have started gaining negative momentum and hence, any attempted recovery seems more likely to run into some fresh supply at higher levels.
GBP/JPY 1-hourly chart
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GBP/JPY
Overview:
Last Price: 146.65
Daily change: -93 pips
Daily change: -0.630%
Daily Open: 147.58
Trends:
Daily SMA20: 146.37
Daily SMA50: 146.72
Daily SMA100: 145.81
Daily SMA200: 147.4
Levels:
Daily High: 149.08
Daily Low: 147.5
Weekly High: 149.5
Weekly Low: 146.86
Monthly High: 149.52
Monthly Low: 142.78
Daily Fibonacci 38.2%: 148.1
Daily Fibonacci 61.8%: 148.48
Daily Pivot Point S1: 147.03
Daily Pivot Point S2: 146.48
Daily Pivot Point S3: 145.45
Daily Pivot Point R1: 148.61
Daily Pivot Point R2: 149.63
Daily Pivot Point R3: 150.19
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