The Pound Sterling edged lower by 1.98% in value against the Japanese Yen during last week’s trading sessions. The currency pair bounced off from a support level at 135.38 on June 18.
The exchange rate was trading near the upper boundary of a descending channel pattern at 136.55 and could be set for a breakout.
If this breakout occurs, a surge towards a resistance level formed by the 200-hour simple moving average could follow.
However, the combination of the 50– and 100-hour SMAs at 137.37 might hinder the currency exchange rate progress during next week’s trading sessions.
