GBP/JPY technical analysis: Intraday pullback shifts near-term bias back in favour of bearish traders

• The GBP/JPY cross witnessed a dramatic intraday turnaround from weekly tops - levels beyond the 137.00 handle and dropped to fresh session lows in the last hour.
• The cross struggled to find acceptance above 200-hour SMA and started retreating from resistance marked by 61.8% Fibonacci level of the 138.24-135.38 recent decline.

The pair’s inability to capitalize on this week’s attempted recovery from multi-month lows clearly suggest that the near-term bearish pressure might still be far from over amid growing fears of a no-deal Brexit.

Meanwhile, technical indicators on the daily chart maintained their bearish bias and have already started losing positive momentum on hourly charts, adding credence to the near-term negative outlook for the cross.

However, the intraday slide seems to have found some support near the 136.40 region, which if broken will set the stage for the resumption of the well-established bearish trend and drag the cross towards retesting sub-136.00 level. 

A follow-through selling has the potential to drag the cross further towards the recent swing lows, around the 135.40-35 region en-route the key 135.00 psychological mark. 

GBP/JPY 1-hourly chart