GBP/JPY Technical Analysis: Drops to near 4-week lows, bears challenge a short-term descending channel support

   •  The cross failed to capitalize on the early uptick and once again faced rejection near the key 145.00 psychological mark for the second consecutive session.

   •  The downward momentum dragged the cross below the overnight swing lows, to near four-week lows and closer to a short-term descending trend-channel support.

   •  Technical indicators maintained their bearish bias but have moved on the verge of falling into oversold territory on hourly charts, warranting caution for bearish traders.

   •  However, a convincing break through the channel support might turn the cross vulnerable to aim towards two-month-old support near the 143.80-70 horizontal zone.

GBP/JPY 1-hourly chart