GBP/JPY Technical Analysis: Set-up remains in favor of bearish traders ahead of UK macro data/Brexit vote

   •  Despite the recent Brexit drama, the cross has been finding some support ahead of the 144.00 handle and has also managed to defend monthly lows. 

   •  However, given the recent break below 2-1/2-month-old ascending trend-line support, the technical set-up seems to have shifted in favor of bearish traders. 

   •  The overnight slide below 50-day SMA for the first time since late-Jan. points to increasing selling bias and adds credence to the near-term negative outlook. 

   •  Oscillators on the daily chart have just started gaining negative momentum and hence, a sustained breakthrough the 143.75-70 region might prompt some additional selling.

   •  Below the mentioned support, the cross is likely to turn vulnerable to accelerate the slide further towards 143.30 intermediate support en-route the 143.00 handle.

GBP/JPY daily chart