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   “¢   The cross failed to capitalize on the overnight bullish break through a 2-1/2 week old descending trend-channel formation and held on the defensive through the early European session.  

   “¢   Bulls, however, now seemed to show some resilience near 50-period SMA on the 4-hourly chart, also coinciding with a one-week-old trading range resistance break-point turned support.

   “¢   Technical indicators on 4-hourly/daily charts have managed to hold with a mild positive bias and support prospects for further gains, though Brexit uncertainties might cap strong gains.

   “¢   Hence, it would be prudent to wait for a strong follow-through buying to reaffirm a near-term bullish outlook and before traders start positioning for a further near-term appreciating move.

GBP/JPY 4-hourly chart

GBP/JPY

Overview:
       Today Last Price:  142.45
       Today Daily change %:  -0.11%
       Today Daily Open:  142.61
Trends:
       Daily SMA20:  142.63
       Daily SMA50:  141.35
       Daily SMA100:  143.86
       Daily SMA200:  144.82
Levels:
       Previous Daily High:  143.34
       Previous Daily Low:  142.32
       Previous Weekly High:  144.18
       Previous Weekly Low:  141.12
       Previous Monthly High:  144.85
       Previous Monthly Low:  131.79
       Daily Fibonacci 38.2%:  142.95
       Daily Fibonacci 61.8%:  142.71
       Daily Pivot Point S1:  142.17
       Daily Pivot Point S2:  141.74
       Daily Pivot Point S3:  141.16
       Daily Pivot Point R1:  143.19
       Daily Pivot Point R2:  143.77
       Daily Pivot Point R3:  144.21