The Pound Sterling has been constrained by several descending channels against the Japanese Yen. The most important of which is the junior pattern which was formed on April 13.
During the past few weeks, the exchange rate has been pressurized south by the 55– hour simple moving average. Furthermore, the weekly pivot point at 76.30 was restricting the pair from making an upward move.
Technical indicators demonstrate that the currency exchange rate could continue to decline during the following trading session. However, a brief corrective move north is likely to take place in the short-term.
