GBP/JPY Price Forecast – British Pound Continues to Kill Time

The British pound has pulled back just a bit during the Thursday session as we continue to go back and forth right around the area between the ¥153 level and the ¥152.50 level. Ultimately, this is a market that I think will have to make a bigger decision, and it is worth noting that we had recently made a “higher low” but have not broken to a “higher high” to continue the overall uptrend. That being said, the market is very choppy to say the least, and therefore think it is going to be difficult to make a trade at this point it however, if we do get an impulsive candlestick, perhaps we can start trading again.

GBP/JPY Video 12.08.21

To the upside, if we were to break above the 100 ¥153 level on a daily close with a longer candlestick, that does more likely than not open up the possibility of a move towards the ¥155 level, an area that of course has been one of the biggest resistance barriers that this pair has faced in a while. On the other hand, if we were to turn around a break down below the ¥152.50 level with an impulsive candlestick, then it is possible that the market could break down towards the ¥150 level.

In general, this is a market that I think continues to be very noisy, and of course driven by risk appetite more than anything else. Keep an eye on what is going on in other markets, as it can give you an idea as to where we go next based upon the larger figures.

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