GBP/JPY remains confined in a narrow trading band around 4-1/2 month lows. Bears await a sustained break below 200-DMA/61.8% Fibo. confluence support. The GBP/JPY cross extended its sideways consolidative price action and remained confined in a three-day-old trading range, below mid-137.00s, or near 4-1/2 month lows set on Tuesday. The pair’s inability to register any meaningful recovery from an important confluence support near the 137.00 mark suggests that the recent bearish pressure might still be far from being over. The mentioned region comprises of the very important 200-day SMA and 61.8% Fibonacci level of the 130.43-147.93 move up, which should act as a key pivotal point for short-term traders. However, oversold conditions on the daily chart seemed to be the only factor holding investors from placing any aggressive bearish bets and helped limit deeper losses, at least for now. Hence, it will be prudent to wait for some strong follow-through selling below the said confluence support before positioning for any further near-term depreciating move. Sustained weakness below the 136.60-55 region will reinforce the bearish bias, which might turn the cross vulnerable to accelerate the slide towards the 136.00 round-figure mark. The momentum could further get extended towards the next major support near the 135.30-25 region amid persistent uncertainty about the future UK-EU trade relationship. GBP/JPY daily chart Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Copper Futures: Rebound looks likely near-term FX Street 3 years GBP/JPY remains confined in a narrow trading band around 4-1/2 month lows. Bears await a sustained break below 200-DMA/61.8% Fibo. confluence support. The GBP/JPY cross extended its sideways consolidative price action and remained confined in a three-day-old trading range, below mid-137.00s, or near 4-1/2 month lows set on Tuesday. The pair's inability to register any meaningful recovery from an important confluence support near the 137.00 mark suggests that the recent bearish pressure might still be far from being over. The mentioned region comprises of the very important 200-day SMA and 61.8% Fibonacci level of the 130.43-147.93 move up, which should… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.