GBP/JPY Price Analysis: Pound losing momentum, approaching critical 150.80

• GBP/JPY holds a bullish bias, but the current retreat is about to challenge a key support.
• A break under 150.80 would negate the bullish bias in the short-term.

The GBP/JPY is moving with a slightly bullish bias, with the momentum fading. Price is pulling back after begin unable to break the 151.60 zone. On Thursday it dropped below the support area of 151.15 and triggered an extension of the correction.

The cross is moving toward the 150.80 area that is a critical support that contains the 21-SMA in the 4-hour chart, an uptrend line and is also a horizontal support level. If GBP/JPY breaks below, the bullish bias in the short-term would be negated, leaving the pound vulnerable to more losses. The next support stands at 150.35.

If the pound regains levels above 151.20, it could recover momentum but while below the intraday bias should favor the downside. Above resistance levels are seen at 151.60 and 152.00.

GBP/JPY 4-hour chart