The Pound Sterling
has been trading in a descending channel
against the Japanese Yen
since early February. After hitting the upper boundary of a junior channel on February 2, the exchange rate started to decline notably during the past few weeks.
The currency exchange rate continues to maintain its channel down, however, the pair has moved closer to the up border and could be set for a breakout from the 55-hour simple moving average
Technical indicators favour bulls to grow stronger during the next trading sessions.