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  • The bull flag breakout, a bearish continuation pattern, indicates the GBP/JPY pair could revisit the session high of 17.07.  
  • The bull breakout only bolsters the already bullish technical setup seen in the daily chart (break above the falling trendline, inverse head-and-shoulders breakout on the 14-day RSI).  

15-minute chart

Spot Rate: 146.87

Daily High: 147.07

Daily Low: 146.60

Trend: Bullish

Resistance

R1: 147.07 (session high)

R2: 147.73 (upper Bollinger Band: +2,2 standard deviation on 20-day moving average)

R3: 148.11 (June 7 high)

Support

S1: 146.45 (50-hour moving average)

S2: 146.18 (100-hour moving average)

S3: 145.69 (200-hour moving average)