The Pound Sterling has been constrained by a descending channel against the Japanese Yen after the pair touched the upper boundary on February 2.
Following a breakout from the upper trend-line, the currency exchange rate also breached the 55—hour simple moving average and tested the weekly R1 at 150.70.
Given that a breakout occurred through the upper boundary, this suggests that the bullish sentiment could continue dominating the currency pair. However, it is important to note that the rate is likely to encounter a stronger resistance cluster set by the weekly pivot point and the combination of the 100-, and 200-hour SMAs near the 152.19. mark.
