GBP/JPY Resumes Downtrend after Rejection at Level 153.50

Key Resistance Levels: 150.000, 152.000, 154.000
Key Support Levels: 146.000, 144.000, 142.000

GBP/JPY Price Long-term Trend: Bearish
Today, the GBP/JPY pair is falling after facing rejection at level 152.00. Since May 10, the market has been declining gradually on the downside. The currency price has broken below moving averages which accelerated the selling pressure. Meanwhile, on June 21 downtrend; a retraced candle body tested the 38.2 % retracement level. The retracement indicates that the Pound will fall to level 2.618 Fibonacci extension or level 143.62.

Daily Chart Indicators Reading:
The pair is at level 50 of the Relative Strength Index period 14. This indicates that there is a balance between supply and demand. The 21-day and 50-day SMAs are sloping downward. The price bars are below the SMAs which indicates further downside.

GBP/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. The pair is falling as it faces rejection at level 153.50. The pair has been in a sideways move.

4-hour Chart Indicators Reading
The currency pair is below the 50% range of the daily stochastic. It indicates that the pair is in a bearish momentum. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend

General Outlook for GBP/JPY
The GBP/JPY pair is in a downward move for the past three months According to the Fibonacci tool, the market is expected to decline to level 145.62. However, it fell to level 148.45 and pulled back. The pair is now resuming a fresh downward move


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