During the early stages of the Asian session, the GBP/JPY currency pair experienced a modest retreat towards the 167.00 level, putting an end to its two-day streak of gains. The current exchange rate for GBP/JPY is approximately 167.16, reflecting a decline of 0.16%.
Analyzing the price action, the daily chart indicates that the GBP/JPY pair maintains an overall upward bias. However, it encountered a significant resistance barrier around the 168.00 level. Despite registering consecutive days of gains, the failure to extend its rally beyond 168.00 raises concerns of potential downward pressure.
Taking these factors into consideration, our analysis suggests a bullish continuation for the GBP/JPY pair, with a target set at 176.500.