FX.co ★ ckerluke | GBP/JPY

As of today, the GBP/JPY currency pair continues to move within a descending channel, which indicates that sellers still maintain control. After an attempt to hold above the 217.80 level, a decline began. I expect that in the near term the price of the pair will move roughly in the range from 216.75 to 216.30. At the moment, the 216.75 level is the nearest support; if the price manages to break below this level, it may become one of the first signals that a move toward 216.30 is likely to begin, although a pullback is also possible. However, it is important to note that the price is currently above this point, so the priority move remains bearish.