The British pound currency is looking bullish against the Japanese yen ahead of today’s key Bank of England interest rate decision. The four-hour time frame shows that a bullish breakout from a large descending broadening wedge pattern is close to taking place. If GBPJPY bulls can move the pair above the 155.20 level then a bullish breakout from the wedge will be confirmed.
The GBPJPY pair is only bullish while trading above the 154.10 level, key resistance is found at the 155.20 and the 158.00 levels.
If the GBPJPY pair trades below the 154.10 level, sellers may test the 153.00 and 152.50 support levels.
