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  • The GBP/JPY’s technical bounce from Tuesday’s low is already facing challenges.
  • Sterling is steeply off of early June’s levels as the bearish run accelerates.
  • Lack of impactful economic data for the GBP ahead of Thursday’s BoE rate call leaves market sentiment in control.

GBP/JPY Chart, 1-Hour

Spot rate:              144.63
Relative change: -0.23%
High:                     144.95
Low:                      144.58

Trend:                   Bearish

Support 1:            144.38 (current week low)
Support 2:            143.80 (61.8% Fibo expansion level)
Support 3:            143.19 (May low)

Resistance 1:       144.95 (current day high, major technical level)
Resistance 2:       145.70 (38.2% Fibo retracement level)
Resistance 3:       147.98 (previous week high)