On Tuesday morning, the GBP/JPY currency exchange rate passed below the lower trend line of the channel down pattern, which guided the rate throughout the second part of October.
If the breaking of the pattern would be followed up by a decline, the rate could look for support in the 154.50 level and the weekly S2 simple pivot point at 154.41.
However, a recovery of the rate might find resistance in the weekly S1 simple pivot point at 155.19. Above the pivot point, the 155.73/155.90 zone could act as resistance. In addition, the 55-hour SMA might strengthen the resistance.
