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   “¢   The cross extended its sideways consolidative price action and remained confined within last week’s post-BoE trading range, around the 142.00 handle.

   “¢   Any intraday downtick continues to find some support near the 141.85 horizontal zone, with bulls now looking to build on the momentum beyond 100-hour SMA.

   “¢   Meanwhile, neutral technical indicators on hourly/daily charts have failed to provide any directional impetus and thus, warrant caution before placing aggressive bets.

   “¢   Today’s UK macro data, including the prelim GDP growth figures for the fourth quarter of 2018, might help determine a firm intraday/near-term direction.

   “¢   Hence, any subsequent up-move seems more likely to meet with some fresh supply/remain capped near the top end of a short-term descending trend-channel formation.

GBP/JPY 1-hourly chart

GBP/JPY

Overview:
       Today Last Price:  142.21
       Today Daily change %:  0.13%
       Today Daily Open:  142.03
Trends:
       Daily SMA20:  142.26
       Daily SMA50:  141.45
       Daily SMA100:  144.05
       Daily SMA200:  144.9
Levels:
       Previous Daily High:  142.52
       Previous Daily Low:  141.85
       Previous Weekly High:  144.18
       Previous Weekly Low:  141.12
       Previous Monthly High:  144.85
       Previous Monthly Low:  131.79
       Daily Fibonacci 38.2%:  142.11
       Daily Fibonacci 61.8%:  142.27
       Daily Pivot Point S1:  141.74
       Daily Pivot Point S2:  141.46
       Daily Pivot Point S3:  141.07
       Daily Pivot Point R1:  142.42
       Daily Pivot Point R2:  142.81
       Daily Pivot Point R3:  143.1