Sat. Oct 16th, 2021

  • GBP / JPY continues to face strong resistance at 153.30 / 50.
  • The bullish bias is still in place, but the price is about to get critical support in the short term.

The GBP / JPY moves with a slightly bullish bias, facing strong resistance around 153.30 / 50. The bullish outlook is supported by the critical area around 152.85 / 90, which contains the 21- SMA and recent lows.

A consolidation below 152.80 should point to further losses of the pound, with the next support at 152.30. The slide below 152.80 should negate the bullish outlook.

On the upside, a break above 153.50 should add more strength to the pound and leave the road open at 154.00. The next resistance is seen at 154.45.

Technical indicators are skewed upwards, but the recent consolidation of the GBP / JPY around 153.00 flattened the indicators.

4-hour GBP / JPY chart

gbpjpy

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