GBP/JPY: More downside below multi-month support around 151.00

• GBP/JPY remains subdued with losses on Tuesday.
• Cross remains under selling pressure since late May.
• Momentum oscillator turns in favor of downside momentum.

The GBP/JPY pair trades lower on Tuesday in the Asian session. The cross-currency pair confides in a 20 pips movement with a bearish sentiment.

At the time of writing, GBP/JPY trades at 151.10, down 0.14% for the day.

GBP/JPY daily chart

On the daily chart, the GBP/JPY is in continuous downside momentum from the high of  156.06 made on May 28. The descending trendline from the mentioned level acts as a defence for the bulls.
After testing the low near 148.40 on July 20, GBP/JPY climbed back toward the 153.00 level but failed to preserve the momentum.

If GBP/JPY breaks the double bottom formation near 151.00, it would continue with the prevailing trend with the 150.50 horizontal support level.

The Moving Average Convergence Divergence (MACD) indicator suggests impending bearish momentum in the pair. Any downtick in the MACD would intensify the selling pressure toward the 149.95  horizontal support level.

GBP/JPY bears would next restest the low of July 21 at 149.29.

Alternatively, if price sustains above the intraday high, then it crawls back to the 151.55 horizontal resistance level.

Next, GBP/JPY bulls would aim at the high of August 16 at 152.21 and further to testify the 152.82 horizontal resistance level.

GBP/JPY additional levels