The British pound is consolidating against the Japanese yen after the Bank of England announced that they are going to start slowing QE purchases. Lower time frame analysis shows that a bullish breakout from a symmetrical triangle pattern is in place if the GBPJPY pair trades above the 152.15 level. According to the size of the triangle pattern, the GBPJPY pair could be about to rally towards the 153.00 level.
The GBPJPY pair is only bullish while trading above the 151.50 level, key resistance is found at the 152.15 and the 153.00 levels.
If the GBPJPY pair trades below the 151.50, sellers may test the 151.30 and 150.90 support levels.
