GBP/JPY technical analysis: Bearish continuation pattern spotted on short-term charts

• The GBP/JPY cross has been steadily recovering from multi-year lows along a short-term ascending trend-channel on hourly charts.
• The lower end of the mentioned channel coincides with 100-hour SMA and should act as a key pivotal point for short-term traders.

Given the recent downfall, the said channel seemed to constitute towards the formation of a bearish continuation - flag chart pattern - supporting prospects for a further near-term depreciating move amid persistent Brexit-related uncertainties.
 
Meanwhile, technical indicators on hourly/daily charts have been struggling to gain any positive traction and reinforce the bearish set-up, though traders are likely to wait for a sustained breakthrough the trend-channel support – near the 128.80 region.
 
On the flip side, the 129.60 horizontal zone now seems to have emerged as an immediate strong resistance, above which a bout of short-covering has the potential to lift the cross further beyond the key 130.00 psychological mark.
 
The momentum could then get extended but seems more likely to confront some aggressive supply and remain capped at the ascending trend-channel resistance – currently near mid-130.00s.

GBP/JPY 1-hourly chart