GBP/JPY Technical Analysis: Bounces off a short-term descending trend-channel support

   •  The cross stalled overnight sharp rejection slide from 100-hour SMA and showed some resilience near a short-term descending trend-channel support.

   •  The mentioned channel extends from the 147.00 handle, touched on April 15, and might now act as a key pivotal point for the pair's near-term trajectory.

   •  Meanwhile, technical indicators maintained their bearish bias on hourly/daily charts and support prospects for an eventual near-term bearish breakdown.

   •  A convincing break through the channel support, currently near the 144.40 region, would expose two-month-old horizontal support near the 143.80-70 region.

GBP/JPY 1-hourly chart