On Monday morning, the GBP/JPY currency exchange rate reached above the 153.00 level. The 153.00 mark provided resistance on Thursday and reversed the rate’s recovery by causing a drop to the 152.40 level. Meanwhile, the pair was finding support in the 50-hour simple moving average at 152.70.
If the pair surges, it would reach for the 153.50 mark. Note that the 153.50 level’s resistance is being strengthened by the 200-hour simple moving average at 153.50 and the weekly R1 simple pivot point at 153.52.
On the other hand, a decline below the 50-hour simple moving average could reach the 152.40 level, which provided support on Thursday. Below the 152.40 level, there is a support zone at 152.05/152.18. In addition, the support of the weekly S1 simple pivot point was located at 152.16.
