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GBP/JPY Price Analysis: Loses traction below 183.00 within the descending trend-channel following the UK data

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GBP/JPY Price Analysis: Loses traction below 183.00 within the descending trend-channel following the UK data
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The GBP/JPY cross loses momentum during the early European session on Wednesday. The British Pound (GBP) faces some selling pressure following the sof

ter-than-expected economic data from the UK. The market mood remains cautious as investors await the Bank of England on Thursday. The cross currently trades near 182.65, losing 0.31% on the day.

From the technical perspective, the GBP/JPY cross trades within the descending trend-channel since the middle of August. The cross holds below the 50- and 100-hour Exponential Moving Averages with a downward slope on the four-hour chart, highlighting the path of least resistance for the cross is to the downside.

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