Technical analysis
The GBJPY pair is struggling to move above the mid-line of the daily Bollinger Band. Failure to move above the mid-band could cause a downside technical correction.
The daily time frame also shows the RSI indicator is still bearish on the daily time frame, meaning that the GBPJPY pair may not yet be ready to rally.
What the possible outcomes are
In our most likely scenario, the GBPJPY pair fails to move above the mid-line of the daily Bollinger Band indicator and falls back towards at least the 150.00 level.
Alternatively, the GBJPY pair may above the mid-line of the daily Bollinger Band and start to advance towards the upper daily Bollinger Band, which is located around the 154.50
Key levels
Support 150.80 150.00
Resistance 152.35 154.50
