GBP/JPY Price Analysis: Testing levels under 153.50, more losses ahead

• GBP/JPY extends slide to lowest in almost a week.
• Chart favors more losses; next support emerges at 153.20 and then 153.00.
• Consolidation below 153.50 to keep the pound under pressure.

The GBP/JPY is moving with a bearish bias. It is trading at multi-day lows under 153.50. The area around 153.50 is a key horizontal support and a break lower would point to more losses ahead, targeting the 153.00 zone.

The RSI in the four-hour chart is in line with a negative scenario. Also, price holds bell under key moving averages. The negative tone will ease with a recovery above 154.20. The next resistance stands at 154.60.

On the upside, a downtrend line is seen around the 155.00 area. If GBP/JPY breaks above it would negate the negative bias, favoring an extension to initially 155.50.

GBP/JPY 4-hour chart