The GBP/JPY currency pair has continued to edge lower after the pair reversed from the upper boundary of a descending channel pattern at 137.77. The British Pound has depreciated about 1.92% in value since July 1.

Everything being equal, it is likely that the exchange rate will continue its movement in the descending channel pattern during the following trading sessions. The potential target will be at 133.98.

However, a support level formed by the weekly S1 at 134.81 could provide support for the currency exchange rate in the nearest future

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