GBP/JPY Decline To Continue

On Wednesday, the British Pound fell by 125 pips or 0.80% against the Japanese Yen. The currency pair breached the 50– and 200– hour SMAs during Wednesday’s trading session.

By and large, bearish traders are likely to continue to pressure the exchange rate lower in a descending channel pattern during the following trading session. The possible target for sellers will be near the 155.50 area.

However, bears could encounter a support level at 155.84 within the following trading hours.

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