GBP/JPY Price Analysis: Pound in 6-week lows, challenges 130.00 figure vs. yen

 

 

GBP/JPY is trading below the main SMA on the four-hour chart while printing lower lows and lower highs, suggesting bearish momentum as the currency cross is trading in 6-week lows. Bears remain in full control of GBP/JPY and further price weakness can be expected with the spot potentially targetting 130.00, 129.45 and 128.81 price levels. On the flip side, resistance can be seen near the 130.80, 131.46 and 132.29 levels.