Since the last attempt to break out of the channel down pattern, the GBP/JPY rate has been trading in limbo around the 150.50 mark. Initially, it might appear that the rate is trading sideways. However, an in-depth look reveals that the pair has been forming a minor triangle pattern. Namely, the range of trading is decreasing until either buyers or sellers would take over and cause a break out in the form of a sharp move either up or down.
If the pair breaks out to the upside, it could aim at the resistance zone, which surrounds the 151.50 level. Although, the 151.00 mark might slow down a potential surge, as it has shown during the week that it can shortly impact the GBP/JPY.
In the meantime, a potential decline of the pair might find some support in the 150.00 mark and the weekly S1 simple pivot point at 149.93. However, these levels failed to keep the rate up on December 1. It is more likely that the rate could look for support in the lower trend line of the channel down pattern, despite it having been pierced two times during this week.
