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  • GBP/JPY continues to move sideways after being unable to hold above 150.60.
  • Pound shows vulnerability to the downside, continues to test 150.00.

The GBP/JPY traded momentarily above 150.50/60 but failed to hold and pulled back, reaching levels under 150.00. It continues to move sideways after the decline from 153.00.

Technical indicators are flatting, offering no clear signs. The bias is biased slightly to the downside. A consolidation below 149.90 would deteriorate the outlook, suggesting a test of the weekly low at 149.60. Below, the next target is seen at 149.00/10.

A recovery above 150.60 would alleviate the bearish pressure, pointing to an extension to the 151.10/15 area (horizontal resistance / previous uptrend line). The next level to watch is 151.25 (20-day SMA).

GBP/JPY 4-hour chart

GBPJPY

 

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