GBP/JPY Price Analysis: Pound under pressure near 6-week lows

 

 

GBP/JPY is trading below the main SMA on the four-hour chart while making lower lows and lower highs, suggesting a bearish bias. Sellers remain in full control while trading in fresh May lows. Therefore further price weakness is to be expected on this currency cross with bears setting their eyes on the 130.00, 129.45 and 128.81 price levels. Conversely, resistance can be seen near the 130.80, 131.46 and 132.29 levels.