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  • GBP/JPY remains under some heavy selling pressure for the second straight session.
  • The technical set-up might have already shifted back in favour of bearish traders.

The GBP/JPY cross remained under some heavy selling pressure for the second consecutive session on Friday and dropped back closer to multi-week lows set last Monday.

The cross is currently hovering around confluence support comprising of 38.2% Fibonacci level of the 130.42-147.96 August to December positive move and 50-day SMA.

The mentioned support also coincides with the previous multi-week-old trading range resistance, which should now act as a key pivotal point for short-term traders.

Meanwhile, technical indicators on the daily chart have again started gaining negative traction and support prospects for an extension of the ongoing depreciating move.

Some follow-through selling below the 141.00 handle will reaffirm the bearish outlook and set the stage for a slide towards challenging the key 140.00 psychological mark.

The downward momentum could further get extended towards testing strong horizontal support near the 139.15-10 region, also marking 50% Fibo. level support.

GBP/JPY daily chart