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29 Dec 2023

GBP/JPY Price Analysis: Pound looks vulnerable below 181.00

  • The Sterling is under increasing bearish pressure aiming to levels sub-180.
  • Trading volume is light in the last session of the year.
  • Below 180.00 the target will be October and November lows at the 178.10/30 area.

The Sterling trades under increasing bearish pressure after breaking below the base of a triangle pattern, at 180.80. The frail upside attempt seen on early Friday Trading has remained limited at the mid-range of 180.00, and the pair is testing support at the 179.85 level at the moment of writing.

Trading volume is very light on the last working day of the year, leading to choppy movement in most of the major pairs.

Technical indicators point lower, with the RSI well below the 50 level. Bears would need to confirm below the mentioned 179.45 which would expose the mid-December low, at 178.30, and the October 3 low, at 178.10.

On the upside, a bullish reaction above the reverse trendline, now at 181.00 would ease downside pressure and put the 182.35 resistance level back into play.

GBP/JPY 4-hour chart

GBPJPY Chart
Technical levels to watch

 

 

 

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