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  • GBP/JPY main downward bias stays intact, although the quote had a rebound from recent lows.
  • GBP/JPY bounce is limited by the 132.29 resistance and 100 SMA in the four-hour chart. 

GBP/JPY four-hour chart

GBP/JPY is trading below its 100 and 200 SMA on the four-hour chart while printing lower lows and lower highs, suggesting a downward bias in the medium-term. The currency cross consolidates a rebound below the 132.29 resistance and the 100 SMA. As the main downward bias stays intact, sellers remain in control below the mentioned level with a possible decline towards the 131.46, 130.80 and 130.00 levels. On the other hand, resistances are seen near 132.29, 133.25 and 134.00 price levels. 
Resistance: 132.29, 133.25, 134.00
Support: 131.46, 130.80, 130.00

Additional key levels