The Pound Sterling has appreciated about 328 base points against the Japanese Yen. The currency pair reached near the upper boundary of a descending channel pattern during yesterday’s trading session.
Currently, the exchange rate is trading near the upper band of the descending channel at 146.79 and could be set for a breakout.
If this breakout occurs, the currency exchange rate could aim for a swing high of 148.75 during the following trading sessions.
However, a resistance cluster formed by the combination of the weekly and the monthly pivot points at 147.69 could hinder such movement.
