GBPJPY forming a triangle pattern

03/05/2021

It looks like there won't be a significant correction in risk assets any time soon, with the GBPJPY cross bouncing off the strong 150 support and trading one percent stronger on Monday.

The cross is forming a large triangle pattern, which in this case could be a bullish continuation formation.

The resistance is near 152.00, where the upper trend line is located. If the price jumps above that level, a further rally toward the current highs near 153.00 is expected. 

Moreover, since the medium and long-term trends still appear bullish, the next leg higher could bring the Pound toward the important 160 mark.

Alternatively, if a correction happens, the supports are now seen at the 150 level and afterward at around 149.20, where the lower line of the triangle is. 

Should the price drop below 149, we might see a larger decline toward 145.
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