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  • GBP/JPY remains under some heavy selling pressure for the second straight day.
  • A sustained break through 100-day SMA might confirm a fresh bearish breakdown.

The GBP/JPY cross remained under some selling pressure for the second consecutive session on Thursday and extended its recent sharp retracement slide from YTD tops.

The downfall, marking the third in the previous four, dragged the cross to over two-week lows, with bears now looking to extend the slide further below the 142.00 mark.

Currently hovering around the 141.85 region, the cross might now be eyeing to test 100-day SMA support, which if broken might be seen as a fresh trigger for bearish traders.

Meanwhile, technical indicators on the daily chart have again started drifting into the bearish territory and add credence to the negative outlook amid fears of a no-deal Brexit.

Below the mentioned support, currently near the 141.65 region, the cross might turn vulnerable to accelerate the slide back towards testing YTD lows, or sub-141.00 levels.

On the flip side, any attempted recovery might now confront some resistance near the 142.00 mark, above which the momentum could get extended towards the 142.75-80 supply zone.

GBP/JPY daily chart


Technical levels to watch