GBPJPY → A false breakout leads to a retest of resistance
GBPJPY is forming a false breakdown of the support at 181.96. On the background of strengthening of the main currency we see active growth of the pair. A false breakout is formed on the chart with the subsequent price growth towards the key resistance, which is the lower boundary of the ascending price channel. If the price after the next retest can return to the framework of the uptrend, then in the medium term we can see the price growth. But, GBP growth may be a short-term correction on the background of weakening of the strict policy of the central bank. In such a case, a retest of the previously broken trend support will determine the entry point for further selling.
Support levels: 181.96, 180.900
Resistance levels: trend support, 183.700.
I expect a retest of the resistance, and the future pricing of the currency pair will depend on the market's further reaction to this level and GBP behavior.
Regards R. Linda!
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