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GBP/JPY 1H Chart: Pair trades in wedge

FX:GBPJPY   British Pound / Japanese Yen
For the last 1,5 years, the Pound has been stranded in a rising wedge against the Yen. The upper boundary of this long-term pattern was tested early in February when the Sterling reversed from the 156.60 mark. The pair has since depreciated in another wedge-like formation.

As apparent on the chart, the rate was reluctant to move below the monthly S2 last week; however, the strong bearish sentiment late on Friday pushed it down to the 23.60% Fibo retracement near 149.00.

Meanwhile, the pair has approached a short-term dashed trend-line. In case this line and the combined resistance of the monthly S1, the weekly PP and the 55- and 100-hour SMAs circa 151.50 are breached, a subsequent surge, possibly up to the 154.00, is likely to follow.

On the other hand, the failure to surpass 151.60 should send the pair for a further decline down to 148.00 where the monthly S2 and the weekly S1 are located.
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