Downside risks pressured the GBP/JPY currency pair lower on Tuesday. As a result, the British Pound fell by 183 pips or 1.20% against the Japanese Yen during yesterday’s trading session.
The exchange rate is currently trading near the lower boundary of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the support level at 149.50 could be expected today.
However, if the channel pattern holds, buyers may target the 50– hour SMA at 151.61 within this session.
