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The British pound against its Japanese counterpart made noticeable gains and started today’s trading session by attacking the psychological barrier resistance level 156.00.
Technically, today, we find the 50-day EMA returned to carry the price below, which comes in conjunction with the positive signals coming from the RSI on the short time frames.
From here, with steady daily trading above the 155.40 support level, the bullish trend is more preferred, targeting 156.40, the first target. Its breach is a catalyst that increases the possibility of extending the gains towards 156.70.
The return of stability below 155.30 can thwart the suggested scenario and put the price under negative pressure once again, with its initial targets located around 154.50.
| S1: 155.30 | R1: 156.40 |
| S2: 154.50 | R2: 156.75 |
| S3: 154.15 | R3: 157.45 |
