The British Pound surged by 89 pips or 0.58% against the Japanese Yen on Wednesday. The currency pair tested the 200– hour simple moving average at 153.72 during Wednesday’s trading session.
The exchange rate is currently trading near the upper line of a descending channel pattern at 153.54 and could be set for a breakout.
If the breakout occurs, a surge towards the 154.50 area could be expected within this session.
However, if the channel pattern holds, the currency exchange rate might continue trading in the descending channel during the following trading session.
