GBPJPY (149.41): The British pound was seen extending the losses as price action cleared the support level at the support zone of 150.40 – 150.05. This breakdown below the support also validated the descending triangle pattern we see on the 4-hour chart. GBPJPY briefly rallied back to the support level to establish resistance. The reversal off this level could now signal a downside move. Support at 148.23 comes into focus and also marks the measured move of the descending triangle pattern. A decline to 148.23 will signal a reversal off this support level in the short term with GBPJPY likely to move sideways thereafter.
