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

• GBP/JPY remains weak below the 131.46 resistance level.
• The level to beat for sellers is the 130.80 support.

GBP/JPY four-hour chart

 
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. 
 

 
Resistance: 131.46, 132.29, 133.25
Support: 130.80, 130.00, 129.00
 

Additional key levels

GBP/JPY