“¢ News of the UK PM Theresa May’s defeat over a new customs deal prompted some aggressive GBP selling over the past couple of hours.
“¢ The cross reverses UK jobs data-led uptick back closer to near two-month tops and has now dropped to test the very important 100-hour SMA support.
“¢ The mentioned support has been held since the beginning of this month and a follow-through selling might now mark the end of recent up-move witnessed over the past three-week.
“¢ On the 1-hourly chart, technical indicators have also started losing positive momentum and thus, add credence to a possible near-term bearish outlook.
GBP/JPY 1-hourly chart
Spot rate: 148.49
Daily High: 149.09
Trend: Turning bearish
Resistance levels
R1: 149.09 (current day swing high)
R2: 149.56 (200-day SMA)
R3: 150.07 (R3 daily pivot-point)
Support levels
S1: 148.24 (S1 daily pivot-point)
S2: 148.00 (round figure mark)
S3: 147.65 (200-period SMA H1)
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