• GBP/JPY struggles for a clear direction amid a retreat from multi-month top.
• RSI cites further consolidation inside bullish chart pattern.
• 200-SMA adds to the downside filters, 2018 peak becomes the key hurdle.

GBP/JPY bounces off intraday low towards 155.00, down 0.06% on a day, during Wednesday’s Asian session.

The pair remains on the consolidation mode following its retreat from the highest since early 2018, flashed during May-end. However, bullish flag formation keeps buyers hopeful amid normal RSI conditions.

While confirmation of the bullish chart formation is pending, there prevails a bumpy road for the GBP/JPY buyers.

Among the key hurdles, the 155.00 guards the immediate upside whereas the flag’s upper line near 155.65 and the latest top near 156.05 could entertain the bulls moving forward. However, the year 2018 top near 156.70 should be considered a major challenge to extend the north-run afterward.

On the flip side, the channel’s support near 154.40 will have multiple rests around 153.60-50 area including 200-SMA.

Though, an extended downside past 153.50 will make the GBP/JPY prices vulnerable to drop towards 152.40.

GBP/JPY FOUR-HOUR CHART