GBP/JPY technical analysis: Bears challenging 200-DMA/23.6% Fibo. confluence support

• Remains under some selling pressure for the second consecutive session.
• Bears are likely to wait for a break below 137.30-25 confluence support.

The GBP/JPY cross remained under some selling pressure for the second consecutive session on Friday – also marking its third day of a negative move in the previous four.
 
Currently struggling near the lower end of its weekly trading range, the cross already seems to have found acceptance below 200-hour SMA and thus, remains vulnerable.
 
This is closely followed by an important confluence support near the 138.80-70 region – comprising of 200-day SMA and 23.6% Fibonacci level of the 130.43-141.50 move up.
 
The mentioned region should act as a key pivotal point for short-term traders, below which the cross seems to accelerate the fall further towards the 137.30 region (38.2% Fibo.).
 
Given that technical indicators on hourly charts have been gaining negative momentum, the set-up seems in favour of bearish traders and support prospects for a further decline.
 
However, oscillators on the daily chart, though have eased from highs, maintained their bullish bias and warrant some caution before positioning for any deeper corrective slide.
 
Meanwhile, on the upside, immediate resistance is pegged near the 139.60-65 region, which if should lift the cross back towards reclaiming the key 140.00 psychological mark.

GBP/JPY 1-hourly chart