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28 Dec 2023

GBP/JPY Price Analysis: The Pound breaks trendline support and tests 180.00 area

  • The Sterling breaks trendline support to test the 180.00 level.
  • The Pound looks vulnerable against a stronger Yen.
  • Below 180.00 the target will be October and November lows at the 178.10/30 area.

The Sterling has broken below the bottom of the last three weeks' triangle pattern, at 181.80, weigher by broad-based Yen strength, and is testing the 180.00 support area at the moment of writing.

A clear break below 179.90 would clear the path towards the big target, at the 178.10/30 area, the mid-December and early October lows, which would confirm the continuation of the downtrend from late November highs.
 

The 180.00 level is a significant support zone, which has capped bears several times in the last two weeks. In this sense, I would not discard a retest of the reverse trendline, around 180.85 before further decline takes place.

A bullish reaction above the mentioned trendline would ease downside pressure and set put 182.35 resistance back into play

GBP/JPY 4-hour chart


GBPJPY Chart

Technical levels to watch

 

 

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