- GBP/JPY keeps facing a strong resistance at 153.30/50.
- The bullish bias is still in place, but the price is near critical short-term support.
The GBP/JPY is moving with a slightly bullish bias, facing a strong resistance around 153.30/50. The bullish outlook is being 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 to the pound, with the next support seen at 152.30. The slide under 152.80 should negate the bullish outlook.
On the upside, a break above 153.50 should add more strength to the pound, leaving the road open to 154.00. The next resistance is seen at 154.45.
Technical indicators are biased to the upside, but the recent consolidation of GBP/JPY around 153.00 flattened indicators.
GBP/JPY 4-hour chart
This article was originally published by Fxstreet.com. Read the original article here.