GBP/JPY Price Analysis: Rejected above 139.80 for third straight day

• GBP/JPY's dialy chart shows buyer fatigue above 139.80. 
• The pair could drop toward Wednesday's low of 139.00.

GBP/JPY is currently trading largely unchanged on the day near 139.65, having faced rejection at 139.83 early Wednesday. 

The pair has failed to keep gains above 1.39.80 for the third straight day. 

That, coupled with the bearish divergence of the 14-hour Relative Strength Index (RSI), suggests scope for a drop to immediate support at 139.00 (Wednesday's low). 

A violation there would shift the focus to the 5-day Simple Moving Average (SMA) currently at 138.50. On the higher side, the Nov. 11 high of 140.31 is the level to beat for the bulls. 

Daily chart

Trend: Bearish

Technical levels