The GBP/JPY cross dropped to three-day lows during the early European session, with bears now awaiting some follow-through selling below the 151.00 round-figure mark. The overnight slide below confluence support near mid-151.00s was seen as a key trigger for bearish traders and prompted some follow-through selling on Tuesday.
The GBP/JPY cross might then accelerate the downfall towards challenging the key 150.00 psychological mark. The momentum could further get extended towards the next relevant support near the 149.70-65 horizontal zone. On the flip side, the mentioned confluence support breakpoint now seems to act as immediate strong resistance. This is closely followed by the recent daily closing highs near the 150.70-80 region. A sustained move beyond will negate any near-term bearish bias and set the stage for an extension of the recent strong upward trajectory.