GBP/JPY is witnessing pullback moves from a weeklong descending trend-channel resistance as the quote trades near 145.60 during Asian session on Tuesday.
Considering the pair’s recent U-turn, chances of its revisit to 61.8% Fibonacci retracement of March 29 to April 03 upside, at 145.10, can’t be denied. Though, 144.90 and channel’s support-line near 144.55 may offer reversal points afterward.
Given the 144.55 figure’s inability to disappoint sellers, 144.40 and 143.80 can as well become the Bears’ favorites.
On the upside, pair’s successful break of channel-resistance, around 145.65-70, can activate its increase to 146.00 and then to last week’s high near 146.55.
During the pair’s additional rise beyond 146.55, 147.00 and 147.20 are likely levels seem to gain buyers’ attention.
GBP/JPY hourly chart
Trend: Sideways
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