GBP/JPY Technical Analysis: Clears 100-hour SMA barrier ahead of UK macro data

   •  The cross extended its sideways consolidative price action and remained confined within last week's post-BoE trading range, around the 142.00 handle.

   •  Any intraday downtick continues to find some support near the 141.85 horizontal zone, with bulls now looking to build on the momentum beyond 100-hour SMA.

   •  Meanwhile, neutral technical indicators on hourly/daily charts have failed to provide any directional impetus and thus, warrant caution before placing aggressive bets.

   •  Today’s UK macro data, including the prelim GDP growth figures for the fourth quarter of 2018, might help determine a firm intraday/near-term direction.

   •  Hence, any subsequent up-move seems more likely to meet with some fresh supply/remain capped near the top end of a short-term descending trend-channel formation.

GBP/JPY 1-hourly chart