GBP/JPY Technical Analysis: In consolidation just south of 145.00

• The GBP/JPY pair slipped below the 145.00 level yesterday, dropping from intraday highs in the 145.50 region.
• Brexit concerns have largely dominated the GBP’s market flows, and Sterling traders are seeing increasing concerns about the longevity of PM May’s current Brexit deal, which faces a tough vote in the UK’s House of Commons on December 11th.

GBP/JPY Chart, 5-Minute

• The Guppy continues to get stuck in a near-term sideways pattern after a stiff drop a couple of weeks ago, slipping loose from the 148.00 handle, and the GBP/JPY has been skidding across the floor between 144.00 and 145.00 for almost two straight trading weeks.

GBP/JPY Chart, 30-Minute

• The last two months have seen the Guppy locked into a rough ranging pattern, and deviations from the 200-period moving average have reverted to the mean indicator, though spending more time towards the downside is seeing the major trend indicator begin to roll over into a bearish lean, and medium-term traders will be looking a fresh bull-run to the 147.00 region or higher before punching in more short-side positions.

GBP/JPY Chart, 4-Hour