“¢ The cross extended overnight downfall from 50% Fibonacci retracement level of the 149.04-145.27 recent downfall and the post-BoE uptick quickly ran out of steam near 200-period SMA on the 4-hourly chart.
“¢ Technical indicators have started losing positive momentum and thus, increase prospects for a follow-through downfall towards testing a support marked by a short-term ascending trend-channel formation.
GBP/JPY 4-hourly chart
Spot rate: 146.00
Daily High: 146.67
Daily Low: 145.70
Trend: Neutral
Resistance
R1: 146.37 (200-period SMA H1)
R2: 146.67 (current day swing high)
R3: 147.00 (round figure mark)
Support
S1: 145.70 (current day swing low)
S2: 145.40 (ascending trend-channel support)
S3: 145.00 (round figure mark)
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