- The overall GBP / JPY bearish trend remains intact, although the cross currency has rebounded from recent lows.
- GBP / JPY trades resistance 132.29 and 100 SMA on the four-hour chart.
Four-hour GBP / JPY chart
The GBP / JPY is trading below the 100 and 200 SMA on the four-hour chart while recording lows and highs lower, suggesting a bearish bias in the medium term. The currency crosses a rebound below resistance 132.29 and 100 SMA. As the overall downward bias remains intact, the bears should remain in control below the level mentioned with a potential decline to levels 131.46, 130.80 and 130.00. On the other hand, resistance is observed near the price levels 132.29, 133.25 and 134.00.
Resistance: 132.29, 133.25, 134.00
Support: 131.46, 130.80, 130.00