“¢ The cross remained under some selling pressure for the third consecutive session and dropped to 2-1/2 month lows, breaking through the 143.80-70 horizontal zone.
“¢ The mentioned support coincides with 100-day SMA and had been acting strong support since late-Feb., with a convincing break might now be seen as a trigger for bearish traders.
“¢ Technical indicators on the daily chart maintained their bearish bias and are still far from being in the oversold territory, adding credence to the negative outlook.
“¢ Hence, a fresh leg of technical selling has the potential to drag the cross further towards challenging the 143.00 round figure mark en-route the 142.60-50 region.
GBP/JPY daily chart
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