Bulls seek entry when the GBP/JPY picks up bids inside a short-term symmetrical triangle.
On a steady RSI, 200-SMA, and three-week-old descending trend line, more increases are expected, adding to the positive filters.
During the first Asia session on Tuesday, the GBP/JPY gained positive momentum, modestly bid around 153.70. Along with a slightly cheerful RSI line, the cross-currency pair funnels down the bullish breach of a short-term symmetrical triangle.
Given the lack of immediate downsides for GBP/JPY buyers, the pair has the potential to break through the adjacent hurdle of 153.75, implying a quick move to the 154.00 level.
After that, the 200-SMA level near 154.40, as well as a downward sloping trend line from June 15 close to 154.80, may challenge the run-up.
Meanwhile, pullbacks may try the triangle’s support near 153.40, but any more fall will break the 153.00 round figure.
It’s worth noting that the June-end lows around 152.65 and 152.40 can act as intermediate halts in the GBP/JPY south-run, which is aiming for the previous month’s low near 151.30.
GBP/JPY is poised for a new high, but bulls will face a rocky ride to the north.
Expect more gains in the future./n
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