GBP/JPY Technical Analysis: Set-up points to further decline, UK PMI eyed

Last week, the cross started correcting from 61.8% Fibonacci retracement level of the 149.31-139.90 downfall and has been trending lower along a descending channel on the 1-hourly chart.

   •  Against the backdrop of reviving safe-haven demand, the EU chief negotiator Michel Barnier's Brexit comments over the weekend kept exerting downward pressure for the third consecutive session on Monday. 

   •  The cross is now sustaining its fall below 38.2% Fibonacci retracement level and 200-hour SMA, while technical indicators on the mentioned chart are also holding deep in the bearish territory.

   •  The set-up now seems to suggest that bears are likely to maintain their dominant position and any attempted rebound, led by today's UK manufacturing PMI, is likely to get sold into. 

GBP/JPY 1-hourly chart

Spot Rate: 143.25
Daily High: 143.72
Daily Low: 143.15
Trend: Bearish

Resistance
R1: 143.72 (current day swing high)
R2: 144.00 (round figure mark)
R3: 144.58 (R1 daily pivot-point)

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