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   “¢   The cross extended its sideways consolidative trading action and remained confined within a broader trading range near the top end of a short-term descending trend-channel.

   “¢   The channel, extending from near two-month tops set on Jan. 25, points to a well-established bearish trend, though fading safe-haven demand helped limit immediate downside.  

   “¢   Meanwhile, the range-bound price action constituted towards the formation of a rectangular chart pattern on the 1-hourly chart, usually seen as a continuation pattern.

   “¢   Neutral technical indicators on hourly/daily charts have failed to provide any directional impetus and warrant some caution before placing any aggressive bets.  

   “¢   Hence, it would be prudent to wait for a decisive break through the mentioned trading range in order to determine/position for the pair’s next leg of a meaningful direction move.  

GBP/JPY 1-hourly chart

GBP/JPY

Overview:
       Today Last Price:  142.08
       Today Daily change %:  0.06%
       Today Daily Open:  141.99
Trends:
       Daily SMA20:  142.4
       Daily SMA50:  141.4
       Daily SMA100:  143.99
       Daily SMA200:  144.88
Levels:
       Previous Daily High:  142.56
       Previous Daily Low:  141.86
       Previous Weekly High:  144.18
       Previous Weekly Low:  141.12
       Previous Monthly High:  144.85
       Previous Monthly Low:  131.79
       Daily Fibonacci 38.2%:  142.29
       Daily Fibonacci 61.8%:  142.13
       Daily Pivot Point S1:  141.72
       Daily Pivot Point S2:  141.44
       Daily Pivot Point S3:  141.01
       Daily Pivot Point R1:  142.42
       Daily Pivot Point R2:  142.84
       Daily Pivot Point R3:  143.12