After meeting with the lower trend line of a dominant channel up pattern the, GBP/JPY currency exchange rate began a surge. By the middle of the trading session of January 18 the pair had clearly revealed a small scale ascending channel pattern.
However, the pattern is too narrow. Due to that fact it is likely going to be broken in the future, and with that move a medium scale pattern will reveal itself.
Meanwhile, regarding the short term it can be seen that the currency exchange rate is set to approach the lower trend line of the junior channel. Afterwards an attempt to break the monthly R1 at 154.12 or a decline to the weekly R1 at 152.83 will occur.
