GBP/JPY Price Analysis: Pound under pressure below the 131.50 level vs. yen

 

 

GBP/JPY is trading below the 100 and 200 SMA on the four-hour chart while making lower lows and lower highs which is the hallmark of a bear trend. The currency cross remains weak below the 131.46 resistance just above the 50 SMA. Sellers should remain in charge with a potential drop towards the 130.80, 130.00 and 129.00 levels. On the flip side, resistances are seen near 131.46, 132.29 and 133.25 price levels.