GBP/JPY Price Analysis: Snaps three-day uptrend as sellers attack 200-SMA

• GBP/JPY remains pressured towards refreshing intraday low after three-day advances.
• Failures to cross fortnight-old falling trend line, break of 61.8% Fibonacci retracement favor sellers.
• 200-SMA, MACD signals highlight need for bearish confirmation.

GBP/JPY consolidates recent gains, takes offers around 151.30 during Monday’s Asian session. In doing so, the cross-currency pair drops 0.10% intraday, marking the first daily negative in four.

The pair bears cheer sustained dominance below a descending resistance line from September 14, as well as a downside break of 61.8% Fibonacci retracement level of September 14-21 fall.

However, bullish MACD and 200-SMA level near 151.20 challenges the immediate downside.

Hence, a clear break of 151.20 becomes necessary for the GBP/JPY bears to keep the reins.

Following that, September 21 high near 150.15 and the monthly low close to 148.95 should lure the sellers.

Meanwhile, corrective pullback needs to cross the stated resistance line, around 151.70, to recall the GBP/JPY buyers.

Though, the same will confirm the inverse head-and-shoulder- bullish chart pattern suggesting the pair’s theoretical run-up towards July’s top around 154.00.

During the rise, the monthly peak of 152.85 and August month’s high near 153.35 may entertain the bulls.

GBP/JPY: Four-hour chart

Trend: Pullback expected