GBP/JPY Slumps to Level 145.07 as Pound Makes a Deeper Correction

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
GBP/JPY pair has been in an upward move. The uptrend was repelled at level 156.00. The currency pair retraced to level 151.00 as bulls bought the dips. The selling pressure will resume as price retest the resistance zone. Meanwhile, on July 8 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 145.07.

Daily Chart Indicators Reading:
GBP/JPY pair is at level 39 of the Relative Strength Index period 14. This indicates that the pair is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping downward. The price bars are below the SMAs.

GBP/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. The currency pair faces rejection at level 155.00 as price broke below the SMAs. A break below the SMAs will propel the pair to fall to the previous low.

4-hour Chart Indicators Reading
The currency pair is below the 25% range of the daily stochastic and approaching the oversold region of the market. The market is in a bearish momentum. The 21-day and 50-day SMAs are sloping down indicating the downtrend.

General Outlook for GBP/JPY
The GBP/JPY pair is in a downward move. The downtrend will resume if price breaks below the previous low at level 150.00. According to the Fibonacci tool, the currency pair will fall to level 2.618 Fibonacci extension or level 145.07.


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